"To the extent that the states raise money from people who [think] the dollar really means something to them, actually relieves the taxes on me or other rich people. I mean, it's not direct, but it's the net effect."
"It's a tax on stupidity. The position is not new for Buffett. He used nearly identical language at Berkshire's 2007 annual meeting, calling gambling in general a tax on ignorance and describing state-sponsored betting as socially revolting."
"What is new is the explicit mention of prediction markets, which have spent the past 18 months arguing they are not gambling alongside legal sports betting."
Warren Buffett, in his first interview since stepping down as CEO of Berkshire Hathaway, criticized prediction markets, legalized sports betting, and day trading. He described state-sponsored gambling as a tax on stupidity that ultimately subsidizes wealthy individuals. Buffett's comments, made during a CNBC interview, align with his previous views on gambling, which he has labeled as a tax on ignorance. The mention of prediction markets is notable, as they have been advocating for recognition as distinct from gambling. Bernstein projects that prediction market volume will reach $240 billion in 2026.
Read at news.bitcoin.com
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