When asked if he could invest in Bitcoin because of its lack of intrinsic value, Berkshire Hathaway CEO Warren Buffett restated his opposition to the digital currency.
Buffett defended Bitcoin’s lack of concrete value by pointing out that industries like agriculture and real estate, in contrast to Bitcoin, had higher tangible returns. Buffett was addressing the Berkshire Hathaway annual shareholder meeting. Even if he was paid the lowest price for all of the Bitcoin, he said, he would still sell it back because of the asset’s lack of use to him.
In this case, I wouldn’t accept a $25 offer from you since I don’t know what to do with all the bitcoin in the world. I’d have to return it to you in some form or another. It’s a waste of time. Buffett added, “Rent will come from the flats and food will come from the fields.”
Buffett also seemed to dispute Bitcoin’s origin as a creation of an unknown entity, Satoshi Nakamoto. Despite the rise of Bitcoin as a mode of payment, Warren Buffett predicted that the dollar will continue to be the most valuable currency in the world.
As a long-time critic of Bitcoin, Warren Buffett has referred to the money as “rat poison” on several occasions. As Charlie Munger of the Berkshire Hathaway fortune, Buffett’s assistant, put it, Bitcoin is “dumb,” with its “evil” features making the United States look awful.
Microstrategy CEO Michael Saylor responded to Buffett’s recent jab at Bitcoin by stating that the asset will benefit from the continuing assault on BTC as a marketing strategy.
What I’m hearing is that Warren Buffett and Charlie Munger are promoting Bitcoin again,” Saylor remarked.
Not just Haskell Saylor, but also the lightning-rod of startup finance, Peter Thiel, have blasted Buffett for his stance on Bitcoin.
Thiel recently referred to Buffett as “sociopathic grandfather” when he rated him at the top of the crypto “enemies list.”
Investment in Nubank, despite Berkshire Hathaway’s leadership’s dismissal of Bitcoin, was recent $1 billion in cash. The investing arm of the Brazilian bank is a pro-crypto digital facility that sells Bitcoin ETFs.
Also Read: Senators Are Proposing A New Crypto Bill That Would Limit Capital Gains Taxation
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