Buffet believes that BTC is another way to transmit money, just like a cheque.

On this fact alone he is showing a lack of understanding and total ignorance.

BTC is a way to "Transfer" money and one of its USP's is that it bypasses the financial network (banks) unlike a cheque which is a promise by the bank! not the person who owns the money in the system.

I would suggest he is of the opinion that the financial players and regulation will not allow a modern disruptive financial technology to succeed and compromise the Old school status quo.

The smart bankers will not be fearfull but work out how to take advantage of BTC and gain an edge on its competition.