“Warren Buffett states that Bitcoin functions as a gambling asset and lacks inherent value.”

Warren Buffett once again assumed his well-known role as the conductor of the FUD train during another anti-cryptocurrency interview with CNBC’s Squawk Box on April 12.

“We’ve witnessed a surge in gambling,” the magnate remarked to CNBC while characterizing the cryptocurrency market. He further stated, “I enjoy betting on a football game when I’m watching — it adds to the excitement. However, I don’t believe I want to make a living trying to wager against the house.”

This indicates a slight easing of Buffett’s traditional viewpoint on Bitcoin (BTC) and cryptocurrency. Throughout the years, he has consistently criticized crypto, with some of his most contentious remarks originating from past CNBC interviews.

"People enjoy playing the lottery," Warren Buffett commented on the crypto phenomenon. "It appeals to the gambling instinct. We’ve seen a surge in gambling." pic.twitter.com/pjNEKdNgr1

— Squawk Box (@SquawkCNBC) April 12, 2023

In a 2014 Squawk Box interview, he told Quicken Loans founder Dan Gilbert that Bitcoin was “a mirage” and asserted that “the notion that it possesses any significant intrinsic value is merely a joke.”

Buffett speculated on Bitcoin’s future in another 2014 CNBC interview, expressing that he “would not be surprised if Bitcoin is not around in 10 or 20 years.” He also mentioned at that time that Bitcoin could not be classified as a currency because it is “inevitably based on the value of the dollar.”

Related: Buffett continues to criticize Bitcoin, claims it ‘doesn’t produce anything’

Perhaps Buffett’s most notable remark regarding cryptocurrency came in a January 2018 interview when he reinforced fellow Berkshire Hathaway vice chairman Charlie Munger’s earlier claim that Bitcoin was “rat poison” by stating it was “likely rat poison squared.”

This brings us to his latest CNBC interview, where Buffett’s tone seems to have shifted somewhat.

When questioned about when Bitcoin would be “revealed as not just rat poison squared […] But when it will be shown as not a thing,” Buffett dismissed the inquiry and instead likened cryptocurrency to gambling:

“That’s predicting when speculation will cease or when the gambling instinct will disappear.”

The billionaire then redirected his answer to a brief commentary on snail mail chain letters, saying, “I didn’t like chain letters when I was a child. I thought, ‘Why on earth would I send along a chain letter… when I could start my own?’”

Buffett eventually returned to his gambling analogy, asserting that Bitcoin users were essentially wagering their income: “You had millions of individuals receiving checks and the money and staying home, discovering they could have a roulette wheel in their house.”

"#Bitcoin is a gambling token and it lacks any intrinsic value. But that doesn't prevent people from wanting to play the roulette wheel," Warren Buffett stated regarding #crypto. pic.twitter.com/6MQAiyrS5J

— Squawk Box (@SquawkCNBC) April 12, 2023

While the billionaire’s business history is extensive and notable, Buffett’s own Berkshire Hathaway investment group has not been exempt from losses associated with the recent banking crisis.

As Cointelegraph’s Marcel Pechman noted in March, “Bitcoin’s price rose by 31.5% in the six months leading up to March 17, while Berkshire’s stock increased by 5.8%. Thus, for the moment, the so-called ‘rat poison’… is outperforming his own financial management firm.”