Word-for-word: What Warren Buffett said about cryptocurrencies Monday

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Rebecca Cook Reuters

Berkshire owns 9.9 percent of Wells Fargo and, as a passive investor, does not control the bank's operations, Buffett said.

Speaking to CNBC from Omaha on Monday, Buffett went on the offensive, with Bitcoin as his target.

American billionaire Warren Buffet has again hit at cryptocurrencies during the 2018 Berkshire Hathaway annual shareholders meeting, referring to the digital currency as "rat poisoned squared".

Mr. Buffett said it was unlikely that the United States and China would come to loggerheads on trade and believed the countries would avoid doing "something extremely foolish".

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He also added, "When you're buying nonproductive assets, all you're counting on is the next person is going to pay you more because they're even more excited about another next person coming along". He further stated that the only price-determining factor for it is the investors' demand that only attracts charlatans.

And Mr. Buffett predicted "bad endings" for cryptocurrencies, such as bitcoin, and said long-term USA government bonds were a awful investment because inflation would consume their returns. "Now, if you buy something like bitcoin or some cryptocurrency, you don't really have anything that has produced anything". And a bitcoin trading desk is "like somebody else is trading turds and you're being left out".

"I've watched Amazon from the start".

Apple is set to open at a record high Monday as Warren Buffett doubles down on his praise for the company. "Now, somebody calls that a store of value, I think they're delusional".

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Gates, who is on the board of Buffett's Berkshire Hathaway, said that a friend gifted him bitcoin several years ago but he sold it soon afterward.

Apple shook off bearish analysts last week with solid earnings, guidance, and new capital return program, with AAPL stock soaring after the results. Do they not see numerous world's major tech companies, established banking groups and household name investors investing in, using and/or beginning to adopt cryptocurrencies?

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