Warren Buffett once again criticised, arguing that it lacks intrinsic value.
Buffett stated, ‘Whether Bitcoin rises or falls in the next year or five, ten, or ten years, it’s up or down, I don’t really know.’ “But I know that it doesn’t produce anything,” Buffett said.
A billionaire investor who previously called Bitcoin a “delusion” and “rat poison squared,” stated that nothing could force him to buy any cryptocurrency-at any price.
“If you said you owned all the Bitcoins in the world, and offered it to you for $25, I would not take it. What would I do with it?” It would have to be returned to me in some way. It won’t do anything,” Buffett stated at Saturday’s Berkshire Hathaway annual shareholder meeting.
Marc Andreessen, Andreessen Horowitz , tweeted the clip. He added, “it’s so wild that he says this stuff while nakedly selling diabetes.
Elon Musk, SpaceX chief Tesla, replied to this question: “Haha he said Bitcoin so many times.”
According to CoinMarketCap, the leading cryptocurrency is now trading at $38,900 Monday morning. This is up 2.3% in the past 24 hours.
Bitcoin and Berkshire
Berkshire Hathaway, an American multinational conglomerate holding firm founded in 1839, has more than $330 billion of assets under management.
American Express, Bank of America and Coca-Cola are the firm’s most important holdings. Berkshire also bought Activision Blizzard stock in excess of $1 billion last year and has recently increased its share of the video-game giant to 9.5%.
Buffett believes assets must have value. This means that they must deliver something to someone.
The Berkshire Hathaway chief stated that the apartments would produce rent and the farms would produce food […],. There’s only one currency that can be accepted.
Buffett stressed the fact that people can create many things, including a hypothetical Berkshire coin. But in the end, he stated, holding a $20 bill.
Charlie Munger, Buffett’s business associate, added harsher words to Bitcoin on Saturday.
Munger stated, “In my life I try to avoid things that are stupid or evil and make it look bad in comparison with somebody else-and Bitcoin does all three.”
Munger explained his position by saying that Bitcoin was’stupid because it’s still likely it will go to zero’ and ‘evil’ because it undermines Federal Reserve System.
“And third, it makes our country look foolish in comparison to the Communist leader of China. Munger said that he was intelligent enough to ban Bitcoin from China.