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Warren Buffett: Why You Should NEVER Invest In Bitcoin (UNBELIEVABLE)Unlike fiat currency, Bitcoin is created, distributed, traded, and stored using a decentralized ledger system known as a blockchain. Bitcoin and its ledger are. It has no intrinsic value and is not backed by anything. Bitcoin devotees will tell you that, like gold, its value comes from its scarcity�Bitcoin's computer. In conclusion: bitcoin isn't backed by anything, it has inherent monetary properties which are enabled by the entire ecosystem of resources.