Warren Buffett has again criticized Bitcoin, making the case that it has no intrinsic value.
“Whether [Bitcoin] goes up or down in the next year, or five or ten years, I don’t know," Buffett said. "But the one thing I’m pretty sure of is that it doesn’t produce anything."
The billionaire investor, who has previously called Bitcoin a “delusion” and “rat poison squared,” added that nothing could make him buy any crypto—at any price.
“If you told me you own all of the Bitcoin in the world and you offered it to me for $25, I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything,” Buffett said at the Berkshire Hathaway annual shareholder meeting on Saturday.
Marc Andreessen of Andreessen Horowitz tweeted out the clip, adding, "it's so wild he says this stuff while nakedly shilling diabetes."
Tesla and SpaceX chief Elon Musk responded: "Haha he says Bitcoin so many times."
The leading cryptocurrency appears to have responded positively amid the news and is trading at about $38,900 on Monday morning, up 2.3% over the past 24 hours, per CoinMarketCap.
Warren Buffett receives first Bitcoin at dinner with Justin Sun
Justin Sun, CEO of TRON, has finally had dinner with billionaire investor Warren Buffett. Justin Sun paid $4.57 million in May last year for the honor, though the meal, originally scheduled for July 2019, was postponed because Sun said he had kidney stones. At the overdue meal, Sun allegedly gifted the Oracle of Omaha with his first Bitcoin. Sun said he had bought and placed the gift on a Samsung Galaxy Fold device. He also placed 1,930,830 TRX on there, worth roughly $40,000 at the time of wri...
Bitcoin and Berkshire
Founded in 1839, Berkshire Hathaway is an American multinational conglomerate holding company with over $330 billion in assets under management.
The firm’s top holdings include Apple, Bank of America, American Express, and Coca-Cola. Last year, Berkshire also purchased about $1 billion worth of Activision Blizzard stock and recently increased its position in the video game giant to about 9.5% of its shares.
It’s so wild he says this stuff while nakedly shilling diabetes. pic.twitter.com/k4cy20PVpd
— Marc Andreessen (@pmarca) May 1, 2022
For Buffett, assets have to have value, which means they “have to deliver something to somebody.
“The apartments are going to produce rent, and the farms are going to produce food […], And there’s only one currency that’s accepted,” said the Berkshire Hathaway chief.
Buffett stressed that people might create all kinds of things, even a hypothetical “Berkshire coin,” but in the end, “that’s what money is,” he said, displaying a $20 bill.
Meanwhile, Buffett’s business partner Charlie Munger added more harsh words for Bitcoin on Saturday.
Charlie Munger: Crypto Is 'Like Some Venereal Disease'
During a Q&A session at the Daily Journal annual meeting in Los Angeles yesterday, Warren Buffett partner Charlie Munger continued his verbal attacks on crypto, this time likening the digital assets to a virus—and not COVID or the flu. When the conversation turned to crypto, Munger didn't mince words, saying, "I certainly didn't invest in crypto. I'm proud of the fact that I avoided it. It's like some venereal disease." Munger went on to list why he doesn't like Bitcoin, saying that extortionist...
“In my life, I try and avoid things that are stupid and evil and make me look bad in comparison to somebody else—and Bitcoin does all three,” Munger said.
Explaining his stance, Munger said Bitcoin “is stupid because it’s still likely to go to zero” and is “evil because it undermines the Federal Reserve System.”
“And third, it makes us look foolish compared to the Communist leader in China. He was smart enough to ban Bitcoin in China,” concluded Munger.
