Warren Buffet Warns to Stay Away from Bitcoins

Warren Buffett, one of the world's wealthiest people, has warned investors to stay away from the digital currency Bitcoin. The world's No.1 investor whose net worth is estimated around $63 billion said earlier this year that Bitcoin is not any kind of investment because it has no value.

Bitcoin Just a Fad

Buffett called Bitcoin a "mirage", saying that it is merely a method of transmitting money. "It’s a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money, too. Are checks worth a whole lot of money just because they can transmit money? Are money orders? You can transmit money by money orders. People do it".

While the Oracle of Omaha said that he hopes Bitcoin will improve as a method of transferring money, he concluded that the thing in itself doesn't hold any huge intrinsic value because it can be replicated in a bunch of different ways.

Not Too Big on Tech

The 84-year-old Buffett is known to be somewhat of a Luddite who does not have a computer on his work desk and doesn't use a cell phone. This extends to his investments as it is known Buffett abstains from investments in anything that he does not understand.

Bitcoin Online Casinos

Naturally, Bitcoin has also made it to the world of online gambling and there are a few Bitcoin online casinos in operation which utilize the digital currency exclusively. Yet, Bitcoin is still thought of as a niche, with different scandals and bans which the currency suffered in 2014 not contributing to its positive image.

For the most part, Bitcoin-only online casinos are numerous and most online casinos have not added support for the digital currency. While Bitcoin's status might change in the future, online casinos are currently heeding the advice of Warren Buffett.