Warren Buffett, CEO Berkshire Hathaway (New York Stock Exchange: Pools), warned investors against increased speculative activity, especially in the cryptocurrency market.
Buffett said investors have never been in a gambling mood, according to a CNBC interview recorded at Berkshire Hathaway’s 2026 annual meeting. The 95-year-old American investor likened today’s markets to a church with a casino attached when asked for his view on current macro valuations.
“If you’re buying options for a day, or selling them, I mean that’s not an investment, it’s not speculation, it’s gambling…so we’ve never had people in a gambling mood more than now,” Buffett said. He said.
At Berkshire Hathaway’s 2018 meeting, Buffett called Bitcoin “square rat poison” and has consistently argued that it is mere speculation. Given cryptocurrencies’ lack of cash flow, Buffett urges investors to be cautious.
Buffett acknowledges the technological superiority of young investors
Although Buffett has warned investors against speculative gambling, he acknowledged that young investors have a real advantage in technology. He stated that he had not learned about new industries in several years.
“I haven’t learned new trades in many years. I’m not going to beat a whole group of young people who have already grown up with them and used the products,” he said.
Berkshire Hathaway It has remained cautious in investing in emerging technology industries, especially those related to Web3. The company’s cash pile has swelled to a record $397 billion under CEO Greg Appel, who took over in January 2026. Berkshire has not invested in regulated cryptocurrency investment vehicles like spot Bitcoin (Bitcoin) Exchange-traded funds (ETFs).
However, Buffett agreed that the best opportunities arise when macro expectations lead to panic. This view may be appropriate given that the cryptocurrency market has fallen sharply over the past year, even as major stock indices have recently recorded new highs.
