Warren Buffet: Bitcoin Is a 'Delusion' But Blockchain Is 'Ingenious'

Billionaire investor Warren Buffett thinks blockchain technology "Is important," but remains far less bullish on bitcoin.

Speaking to CNBC's Becky Quick, the chairman and CEO of the multinational conglomerate Berkshire Hathaway reiterated his long-held views on bitcoin, calling the way some people perceive the cryptocurrency "a delusion."

"It's ingenious and blockchain is important but bitcoin has no unique value at all," Buffett said.

"It doesn't produce anything, you can stare at it all day and no little bitcoins come out or anything like that."

Buffett did note that JPMorgan Chase is launching its own dollar-pegged cryptocurrency, the JPM Coin.

Like Buffett, JPMorgan CEO Jamie Dimon has long been a bitcoin detractor, famously calling it a "Fraud" in 2017.

Buffett's views on bitcoin are well-known: as far back as 2014, he was warning investors to avoid the cryptocurrency.

Last May, he referred to bitcoin as "Rat poison squared," noting that it was a "Nonproductive asset" during the annual Berkshire shareholder meeting.

Bitcoin's price is dependent on individuals wanting to pay more for each coin than was previously paid, he said.

He predicted that bitcoin would come to "a bad ending" in January 2018, and emphasized that Berkshire would not hold a position in bitcoin futures.