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Speaking with CNBC this week during their annual shareholder meeting, Buffet told Becky Quick that bitcoin is "rat poison squared".

He stated, "If you buy something like a farm, an apartment house, or an interest in a business..." He finds the assets as non productive. Consequently, Berkshire's latest first-quarter results include a loss of about US$6.2bn in the unrealized losses in equity security investments held at March 31, 2018.

Buffett said Berkshire would buy a $100 billion business if he liked it. So Buffett says anyone buying bitcoin is betting that someone else will pay more for it later. "Now, somebody calls that a store of value, I think they're delusional".

"Suppose you could make a lot of money trading freshly harvested baby brains. The problem is when I think something will be a miracle, I tend not to bet on it". "I would be very surprised if they top partners at Goldman are selling their Goldman stock and buying Bitcoin".

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He continues: "One of the world's greatest investors, Warren Buffett is a hero". If I'm investing in Apple, I want people to think Apple is awful because they're repurchasing shares and it will go up faster. "As an asset class, you're not producing anything". "If they are saying that, then I agree with them".

"You've got to win with the consumer", Buffett said. And in response to the person who bought the house, they did the right thing, they sold the Bitcoin. You're speculating. There's nothing wrong with it.

The gap between Apple and other US companies in terms of market cap is equally impressive, with the iPhone-maker now worth over $120 billion more than its nearest tech rivals Amazon ($773B), Microsoft ($732B) and Alphabet ($719B), which are the second, third and fourth in market cap valuations, respectively.

Separately, Berkshire reported a first-quarter net loss of US$1.14bn because of a change this year in Generally Accepted Accounting Principles that now requires the company to include the changes in unrealized gains and losses of its equity security investments as a component of investment gains and losses in its earnings statements. If it's cheaper my money goes even farther. "There is no reason at all for me to encourage other people to buy Apple".


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