Warren Buffett on bitcoin and crypto: We've had an explosion of gambling
Introduction
In this section, Warren Buffet talks about the gambling instinct and how it drives people to invest in things like Bitcoin.
The Gambling Instinct
- Buffet discusses how difficult it is to predict when speculation will end or when the gambling instinct will go away.
- He empathizes with people who like to play the lottery and appeals to the gambling instinct.
- Buffet talks about how society has had an explosion of gambling and how he would want to own the roulette table if he were going to get into gambling.
- He shares a personal story about his honeymoon in Las Vegas and buying the Flamingo after Bugsy Siegel was killed.
Football Games and Point Shaving
- Buffet discusses how states are legalizing gambling, which creates perfect conditions for point shaving in football games.
- He mentions that point shaving has happened before, such as with the White Sox in 1923.