Warren sees everything as a business.
[1] Warren believes in businesses that generate value. Bitcoin does not have these overt indicators, so he does not see the value of bitcoin. Warren believes that bitcoin is only valuable in the context of short-term market volatility and crashed (similar to gold). In his eyes, bitcoin is not a store of value, it’s a store of fear. He believes that investing in something that expects a market crash is not a good strategy. Warren believes in businesses that generate value, therefore he does not see the value of bitcoin. He believes bitcoin is only valuable because of fear of what happens in the short term if the markets crash (similar to gold). So bitcoin is not a store of value, it’s a store of fear. He believes that investing in something that expects a market crash is not a good strategy.
For some reason, he has failed to understand that bitcoin isn't a company owned by someone. There is no profit-generating model which is attached with Bitcoin. It is not supposed to be a business, it's a currency. I'm surprised how he can't understand this bit. It isn't fiat which can be printed whenever the banks wish. He is trying to paint a picture that investing in rare items is "fear investing"... People don't invest in rare items out of fear but rather what value they bring to the table. Bitcoin despite being limited in supply can work as a global currency. The value of bitcoin comes from its immutable Ledger which is owned by no one...
Also, his recent statement doesn't make any sense.
Cryptocurrencies basically have no value and they don’t produce anything,
Gold doesn't produce anything... FIAT doesn't produce anything So they have no value in his eyes? He is clearly out of gas... the guy shouldn't be taken seriously anymore, He doesn't make any sense anymore...
Source:
[1]
https://bitcoinist.com/buffett-sees-bitcoin-as-a-store-of-fear-not-a-store-of-value-says-etoro-yoni-assia/ 
