Why is Warren Buffett against bitcoin?

Warren Buffett, a renowned investor and business magnate, has long been outspoken about his skepticism towards Bitcoin and cryptocurrencies. His stance against the digital asset is based on several key factors. Firstly, Buffett views bitcoin as an unproductive asset, lacking any intrinsic value or utility beyond its speculative nature. He believes that investors seeking returns should focus on productive investments, such as companies with tangible assets and sustainable earnings. Secondly, Buffett is concerned about the volatility and lack of regulation surrounding cryptocurrencies. He worries that their price movements are driven purely by market sentiment, with no underlying economic fundamentals to support their valuations. Moreover, Buffett believes that the crypto industry is prone to fraud and manipulation, making it a risky investment for retail investors. Overall, Buffett's skepticism towards bitcoin stems from his belief that investors should seek value and stability in their portfolios, rather than pursue speculative gains in unregulated markets. However, some argue that bitcoin and other cryptocurrencies offer unique opportunities for investors, such as portfolio diversification and potential gains from long-term appreciation. What are your thoughts on Buffett's stance against bitcoin?