Warren Buffett, Executive Chairman of Berkshire Hathaway (NYSE: BRK), cautioned investors about the surge in speculative activity, especially in the crypto market.
Buffett stated that investors have never been in a more gambling mood than right now, according to a CNBC interview recorded at the 2026 Berkshire Hathaway annual meeting. The 95-year-old American investor likened today’s markets to a church with a casino attached when asked about his view on current macro valuations.
“If you’re buying one-day options, or selling them, I mean that is not investing, it’s not speculating, it’s gambling … So we’ve never had people in a more gambling mood than now,” Buffett said.
At the 2018 Berkshire Hathaway meeting, Buffett called Bitcoin ‘rat poison squared’ and has consistently argued it is purely speculative. Citing crypto’s lack of cash flow, Buffett urges investor caution.
Buffett acknowledges tech edge of younger investors
Although Buffett has cautioned investors against speculative gambling, he acknowledged that younger investors hold a genuine edge in technology. He stated that he has not learned about new industries for several years.
“I have not learned new industries for some years. I’m not going to have an edge on a whole bunch of younger people that have actually grown up with them and used the products,” he stated.
Berkshire Hathaway has remained cautious in investing in emerging tech industries, particularly those related to Web3. The company’s cash pile has swollen to a record $397 billion under CEO Greg Abel, who took the helm in January 2026. Berkshire has not invested in regulated crypto investment vehicles such as spot Bitcoin (BTC) exchange-traded funds (ETFs).
Nonetheless, Buffett agreed that the best opportunities have emerged when the macro outlook leads to panic. This view may be relevant given that the crypto market has declined sharply over the past year, even as major stock indexes have recently posted new highs.
