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Warren Buffett Copyright Bill Pugliano, Getty Images

Buffett Bashes Bitcoin as Nonproductive, Thriving on Mystique

Warren Buffett characterized bitcoin buyers as "rat poison squared."

NEW YORK, May 7 (Reuters) - Billionaire investor Warren Buffett on Monday said buyers of bitcoin, which he characterizes as "rat poison squared", thrive on the hope they'll find someone else who will pay more for it.

Likening bitcoin demand to tulip mania in 17th century Holland, Buffett, chairman and CEO of Berkshire Hathaway Inc , said the mystique behind the cryptocurrency has produced a surge in its price.

"It does create a rising price, creates more buyers... If you don't understand it, you get much more excited," Buffett said on CNBC television. (Reporting By Jennifer Ablan and Jonathan Stempel Editing by Hugh Lawson)

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