Buffett, chairman and CEO of Berkshire Hathaway, described digital currency as a nonproductive asset while stocks earn money for investors in the markets.
Oracle of Omaha Warren Buffett is turning heads again, labelling popular cryptocurrency Bitcoin as "probably rat poison squared". For instance, carpet installers and certain construction workers are especially hard to find.
After the US-based company, Apple released their earnings report, shares of the company saw a significant boost and when the legendary investor Warren Buffett revealed that Berkshire Hathaway picked up nearly 75 million shares of Apple during the March quarter.
Warren Buffett, chairman and CEO of Berkshire Hathaway, left, talks as he plays bridge with Bill Gates, right, outside Berkshire-owned Borsheims jewelry store in Omaha, Neb., Sunday, May 6, 2018.
"Bitcoin is worthless artificial gold, which, if it succeeded, would sow a lot of illicit activity".
Buffett, famed for his love of junk food, has said spiraling healthcare costs are responsible for 18 percent of US gross domestic product, up from 5 percent in 1960, and he wants to slash a few percentage points off.More news: First Lady of the United States Melania Trump unveils her formal platform
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But Buffett defended Wells Fargo as an investment. Two long-term Berkshire investments in American Express and Geico came after scandals at those companies.
Months earlier, many grew increasingly concerned that Apple's top-of-the-line phone has been a dud among consumers, due to its hefty US$1,000 price tag.
Now, many have begun looking ahead to upcoming iPhone releases in September as additional propellants for the stock.
Apple said that customers chose the US$999 iPhone X "more than any other iPhone each week" during the March quarter like they did in the December quarter.
Buffett said Monday that he really likes the economics of the iPhone maker's business, and the company's management.
"I don't even understand technology", said Buffett, who still uses a flip cellphone. So even with the recent pullback, bitcoin has drastically outperformed the broader market, not to mention Berkshire stock and top Berkshire holdings like Apple (AAPL). Its insurance and utility businesses typically account for more than half of the company's net income.