Bitcoin is not in short supply: Billionaire investor Mario Gabelli

GAMCO Investors CEO and chairman Mario Gabelli dished on his portfolio advice and Bitcoin Friday on "The Claman Countdown." 

GABELLI: I'm not shifting portfolios. The question is, if I'm an investor, I want to preserve wealth. Secondly, if I want to make money, I want to make it and have a low tax rate because the tax rates [in the] … short term are very high. So what do I do 12 months from now? I think the economy in Europe is going to do better unless Putin does something different. And the economy and China will do better with Xi [Jinping] getting … nominated and run[ning]. So what do I look for is companies that Warren is looking for and that he highlights in his annual report. Companies with cash flow - that is, earnings with regards to interest, taxes and compensation baked in; GAAP - generally accepted accounting principles - and then not the growth companies that are based on multiple revenues. So that's what is changing, Liz. 

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[W]e need to have blockchain. That is very important to get stuff bought today and settled today. And that's going to happen on an accelerated basis. But telling me that something is in short supply like Bitcoin because they can't produce anymore - that is a phenomenon that we don't accept because right now - right now, today, you can buy a baseball team called the Atlanta Braves for half the price it will be sold at in two years. And they ain't going to produce any more baseball teams. So why wouldn't you rather own a baseball team than crypto? 

WATCH THE FULL INTERVIEW BELOW: