Buffett: Bitcoin 'Probably Rat Poison Squared'

May 08, 2018

Investing.com - For the second time in a week, legendary investor Warren Buffett has said something negative about bitcoin and in this case it is particularly unflattering.
CNBC's Becky Quick tweets that Buffett told her at Berkshire Hathaway (NYSE:BRKa)'s annual shareholder meeting that bitcoin is "probably rat poison squared."
Buffett, who is both CEO and chairman of Berkshire, recently said buying bitcoin is speculation, and does not qualify as investing.
Buffett's longtime No. 2 at Berkshire, Charlie Munger, was more critical, according to Quick, admitting he "liked cryptocurrency even less than Warren." Monger called cryptos "dementia" and said a bitcoin trading desk "is like somebody else is trading turds and you're being left out."
Buffett previously predicted cryptocurrencies would "come to a bad ending."
Bitcoin and other cryptocurrencies have slumped badly in 2018, following enormous gains in 2017.