In brief
- The billionaire boss of investment firm Berkshire Hathaway told investors to have faith—because he always has.
- He said that his firm hasn’t seen any attractive opportunities to invest just yet.
- It doesn’t seem likely he’ll be putting his money in crypto anytime soon, though.
Billionaire investor Warren Buffett is certain the US economy will survive the coronavirus crisis because “Nothing can basically stop America.”
In his annual shareholder meeting—broadcast online due to COVID-19 restrictions—the famed “Oracle of Omaha” and Bitcoin skeptic was optimistic about the US economy.
Speaking to Berkshire Hathaway investors from his base in Omaha, Nebraska, Buffett said that although it wasn’t clear how things would pan out due to the coronavirus shutdown, “American magic has always prevailed and it will do so again.”
“This time we just pulled the train off the tracks and put it on a siding,” he reportedly said regarding the shutdown, which has caused the US economy to crash and unemployment to soar.
But he added people “can bet on America”—before adding investors should still take care because “Markets can do anything.”
And Buffett’s huge investment conglomerate, Berkshire Hathaway, is sitting on a record $137 billion, according to reports.
Despite the eye-watering amount, the genius investor hasn’t seen anything “attractive” to put the money into. “We have not done anything, because we don’t see anything that attractive to do,” he reportedly said.
Buffett, a long-time crypto-hater, has faith in the S&P 500 but appears unfazed and uninterested in Bitcoin, even though it has bounced back following March’s crash.
The largest cryptocurrency by market cap has made an unprecedented recovery—pushing past the $9,000 mark after touching as low as $4,000 just a month and a half ago.
This is leading investors to start to get bullish, even more so as Bitcoin’s halving is just around the corner, which some analysts believe will lead to an increase in the price of Bitcoin.
Could it be time to put some of that $137 billion in Bitcoin, Warren?