2021-05-03 19:15:00

Did Warren Buffett say investing in Dogecoin is like gambling?

Investor Warren Buffett has some stark words for those using stock-trading apps like Robinhood — it’s basically gambling, he said.

Are stock apps a form of gambling?

Buffett said apps like Robinhood have made it easier for people to invest, which has turned investing into a casino-like experience, CNBC reports.

Buffett said the Robinhood app has “become a very significant part of the casino aspect, the casino group of people, that has joined into the stock market in the last year or year and a half.”

Of course, Buffett said he doesn’t have any major issues with people using apps like Robinhood to buy and trade investments. But it can’t be the only answer, he said.

  • “There’s nothing illegal about it, there’s nothing immoral but I don’t think you’d build a society around people doing it,” said Buffett.
  • “The degree to which a very rich society can reward people who now know how to take advantage essentially of the gambling instincts of not only the American public but the worldwide public, it’s not the most admirable part of the accomplishment,” said Buffett.

Robinhood makes headlines due to Dogecoin

Robinhood has made headlines in recent weeks because it has allowed for buying and trading of cryptocurrencies. Robinhood CEO Vlad Tenev said the app would probably allow people to withdraw and deposit their cryptocurrencies, like Dogecoin, in the near future. According to Business Insider, people cannot withdraw or access their cryptocurrencies for spending through the app.

Dallas Mavericks owner Mark Cuban said recently one of Dogecoin’s biggest problems is that people can’t withdraw their holdings from the Robinhood app, as I explained for the Deseret News.

  • “The greatest inhibitor to its growth is that you can’t spend the Doge you buy on Robinhood,” Cuban tweeted.

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