Warren Buffett keeps saying that Bitcoin has zero value. He would not spend even $25 to pay for the entire amount of Bitcoins spread in the World. Other billionaires scoffed at his stance.
Berkshire Hathaway CEO Warren Buffett has long since consolidated his stance against Bitcoin. Remember that he was the author of the “famous” phrase: “Bitcoin is rat poison squared,” which he repeated in 2018.
Considered by Forbes magazine as the 5th man with the most money in the World, with a fortune estimated at USD 116.6 billion, Buffett, 91 years old, has not been criticizing the leading crypto that other billionaires like him defend. He still sustains that he cannot invest in digital assets due to the lack of an intrinsic value.
All Existing Bitcoin for Less than USD 25
While speaking during Berkshire Hathaway’s annual shareholder meeting, Buffett talked about Bitcoin’s lack of tangible value and pointed out how sectors like agriculture and real estate have more solid returns, unlike Bitcoin. He expressed that even if he got offered all of the Bitcoin for the lowest price, he would likely sell it again, given the asset’s lack of utility.
Buffett expressed that if people told him they had all the Bitcoin in the World and offered it for $25, he wouldn’t go for it because he’d have to sell it back to them one way or another so it is not gonna change anything; apartments are going to produce rents, and farms will produce food so bitcoin would remain useless.
In addition, the media, such as Finbold, highlight that Buffett seemed to discuss the origin of Bitcoin as the product of an individual, Satoshi Nakamoto, who remains anonymous. Despite Bitcoin becoming a form of payment, Buffett observed that while more digital financial assets would get created, the dollar still reigns as real money.
Siding with Buffett is the company’s 98-year-old vice president, Charlie Munger, who expressed that Bitcoin is stupid and its evil attributes make America look bad. In 2018, Munger had called crypto disgusting.
Other Millionaires on Twitter
Buffett’s words got observed by many famous millionaires. The venture capitalist, Marc Andreessen, shared the video where Buffett’s intervention appears, expressing the following terms: It is so far-fetched that he says these things while openly accusing diabetes.
According to Buffet, Bitcoin is not a “yielding” asset, unlike land or corporate stocks. As a result, investor demand is the sole determining factor of price, making the digital currency a valuable tool for “quacks,” in their own words.
By: Jenson Nuñez