Warren Buffett criticizes Bitcoin: 'Poison for rats'

Legendary investor Warren Buffett has once again publicly criticized Bitcoin, emphasizing that those who invest in the digital currency are actually expecting to sell it at a higher price to others. According to him, the increase in Bitcoin's value does not stem from its intrinsic value but mainly relies on psychological factors and speculation. Speaking ahead of Berkshire Hathaway's annual meeting next Saturday, Buffett likened Bitcoin to "poison for rats" and compared the craze for investing in the digital currency to the "tulip mania" that took place in the 17th century in the Netherlands – one of the first financial bubbles in human history. He suggested that Bitcoin's price rise is driven by ambiguous belief rather than true value. Not only Buffett, the Vice Chairman of Berkshire Hathaway and his longtime associate, Charlie Munger, even bluntly stated that Bitcoin is completely worthless. Munger's stance on cryptocurrencies has never changed, and he has repeatedly warned about the risks that this asset class brings. The strong statements of the two veteran investors have sparked much debate in the financial world. While some agree with Buffett and Munger's claim that Bitcoin is a speculative bubble, proponents of the cryptocurrency argue that blockchain technology and Bitcoin bring about a real financial revolution. Whether Buffett and Munger's views are controversial or not, there's no denying that Bitcoin and cryptocurrencies are still hot topics among global investors. The question is whether Bitcoin is really just "poison for rats" as Buffett suggests, or will it continue to grow and assert itself in the world financial system?