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Bitcoin surged to near $20,000 in late 2017, the peak of a bubble driven by retail investors that pushed cryptocurrencies onto the agenda of mainstream financial firms.
"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. "People like to speculate, they like to gamble."
Buffett's comments come a day after JPMorgan & Chase Chief Executive Jamie Dimon said he regrets calling bitcoin a fraud.
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