'A Real Bubble': Billionaire Warren Buffett Doubles Down on Bitcoin Doubt

Long time billionaire investor and public figure Warren Buffett has joined the ranks of those who consider the market for bitcoin is in bubble land.
Buffett digged on the trendy subject about Bitcoin during a question-and-answer session held in Omaha (Nebraska) earlier this month. While Warren Buffett focused on a variety of topics, he touched in on the cryptocurrency market during his speech.
"People get very excited fromremarkable price movements, and Wall Street accommodates," he was quoted. Describing bitcoin on his view as a "real bubble,". Buffett also criticized the idea of giving a value to bitcoin.
He told attendees:

"You can’t value bitcoin because it’s not a value-producing asset."

Buffett's statement came among a notable month for bitcoin's price. After fluctuating around $4,300 early October, the price rised to above $6,100 less than a week ago.

The fact that Buffett takes a harsh stance against bitcoin is not surprising, as in 2014, he advocated that investors should stay away from bitcoin entirely.

"It's a mirage basically," he was reported saying at that time.

Obviously Buffett is not the only market observer to rise remarks about the market's recent developments. This week, Saudi Prince Al-Waleed bin Talal said that he waits for bitcoin to fail.

Some others, however, have taken a different approach. Recently in Oct. 24, New York University's "Dean of Valuation," Aswath Damodaran, stated that bitcoin is a real currency and not a fraud in a blog post.