Buffet said he wouldn’t be interested in “all the Bitcoin in the world.”
Prolific investor Warren Buffett has been skeptical of cryptocurrencies like Bitcoin for about as long as crypto has been a market player. Over the weekend, during the Berkshire Hathaway annual shareholder meeting in Omaha, Nebraska, he was asked again if he would ever consider changing that stance. Buffett, however, remained firm in his beliefs.
“Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t multiply, it doesn’t produce anything,” Buffett said. “It’s got a magic to it and people have attached magics to lots of things.”
“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. Maybe it’d be the same people, but it isn’t going to do anything,” Buffett explained, noting that he would happily put down money for something tangible like a stake in US farmland. “The apartments are going to produce rental and the farms are going to produce food.”
Warren Buffett gives his most expansive explanation for why he doesn't believe in Bitcoin https://t.co/YRpxTZ78YP
— CNBC International (@CNBCi) April 30, 2022
“Certain things have value that don’t produce something tangible. I mean, you can say a great painting probably will have some value 500 years from now,” Buffett said. “But assets, to have value, they have to deliver something to somebody and there’s only one currency. You can come up with all kinds of things. We can put up Berkshire coins, or Berkshire money.”
“But in the end this is money,” Buffett concluded, holding up a $20 bill. “But this is the only thing that’s money. Anybody who thinks the United States is going to change the way they let Berkshire money replace theirs is out of their mind.”