Cryptocurrencies are on the rise again, helped by optimism surrounding the possible introduction of a spot bitcoin ETF.
But no matter how strong this rally gets, it won't convince one of the industry's biggest critics — Warren Buffett.
Bitcoin surged 10% over the past week, at one point briefly topping $30,000, as hopes grew that a spot bitcoin ETF will soon be approved.
But whether a bitcoin ETF soon becomes reality or not, it won't alter the Oracle of Omaha's thesis on cryptocurrencies, which is that they are highly speculative, non-productive assets.
Buffett, who once famously called bitcoin "probably rat poison squared," has compared the bitcoin phenomenon to the tulip bulb mania in the Netherlands in the early 1600s .
Persons:
— Warren Buffett, Bitcoin, Buffett, It's, Buck Rogers, Charlie Munger, Munger, bitcoin
Organizations:
CNBC, Berkshire
Locations:
Netherlands, Berkshire, U.S, United States, bitcoins