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The investment guru and one of the richest people in the world, Warren Buffet, recently said a couple of words about Bitcoin and cryptocurrencies. If you have heard him before, you’d know that Buffet is not a strong believer in cryptocurrencies – and doesn’t even consider buying Bitcoin as investing.

Instead, Buffet compares buying BTC to gambling. In an interview with Yahoo Finance, he said the following:

“There’s two kinds of items that people buy and think they’re investing. One really is investing and the other isn’t. Bitcoin clearly isn’t.”

When asked to explain his statement, Buffet said why buying Bitcoin is not really investing, going into detail:

“If you buy something like a farm, an apartment house, or an interest in a business… You can do that on a private basis… And it’s a perfectly satisfactory investment,” he said. “You look at the investment itself to deliver the return to you. Now, if you buy something like bitcoin or some cryptocurrency, you don’t really have anything that has produced anything. You’re just hoping the next guy pays more.”

Buffet looks at the nature of the crypto market as a speculative one. As he says, there is nothing wrong with speculating. However, speculating is like gambling – and if you want to amble, someone else might come and pay more tomorrow. At the end of the day, that is how gambling – and not investing – looks like.

Warren Buffet is a longtime Bitcoin skeptic. A couple of years ago, he called the cryptocurrency a “mirage” arguing that it is a “joke” to assign value to something just because it can be used to transmit money. As he asked then, “Are checks worth a whole lot of money just because they can transmit money?”