"Buffett also said he would steer clear of bitcoin. Buffett said the cryptocurrency is an effective payment system, but so is a check. The idea that bitcoin has some intrinsic value is just a joke.
If you could argue back, you could point out the intrinsic value of the us dollar is a joke as well, but it seems to work as method to store value and is the backbone of the US and much of the world's economy.
I really think there's no such thing as bad press for bitcoin. As long as people keep talking about it, people will eventually adopt it as time goes on -- when they realized it is still around and working as intended after all those years.
All intrinsic value is real and all intrinsic value is a joke. However some items have more intrinsic value than others. It's pretty much a spectrum. On the one end are US Dollars and Gold. At the other end are Beanie Babies and Tulips. Where BitCoin will end up? Who knows. But he's not wrong at all to say this. Buffet likes safe investments that he knows he can add value to. He looks for companies that he can either turn around with new management, or companies that are currently being undervalued by the market. BitCoin is not that. BitCoin could become the currency of the future. It could also die as fast as MySpace did.