Warren Buffet: 'Stay Away From Bitcoin. It's A Mirage'

Warren buffettREUTERS/Carlos BarriaWarren Buffett

Warren Buffett is warning investors to “stay away” from Bitcoin, calling it “a mirage,” when asked about the digital currency’s long-term potential.

Appearing on CNBC this morning, he also mentioned it lacks intrinsic value, though he conceded that they are an efficient way to transfer dollars.

That echoes Goldman Sachs analysts’ recent take in which they cast doubt on the viability of widespread adoption of Bitcoin, arguing it remains too volatile.

But they also said the underlying technology may hold potential.

Follow along here for live updates of Buffett on CNBC »

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.