Buffett back bashing Bitcoin, claims it ‘doesn’t produce anything’

“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?” Warren Buffett said.

Billionaire investor Warren Buffett has once again slammed Bitcoin, asserting he “wouldn’t take” all of the BTC in the world for just $25.

The 91-year-old, with a net worth of around $124 billion, is an avid crypto sceptic. He once called Bitcoin “rat poison squared.” His arguments often stem around digital assets offering no tangible value. Moreover, the community has been quick to highlight this occasion. There is a myriad of use cases and utility in crypto that Buffett likely hasn’t researched.

Buffett Is Again on His Crypto Bashing

Speaking at the Berkshire Hathaway Annual Shareholder meeting on April 30, Buffett commented on crypto in relation to the growing mainstream adoption of the sector. He noted that while he has no idea if the value of BTC will increase moving forward, he is sure that “it doesn’t produce anything.”

Buffett argued that he would happily write “a check this afternoon” worth $25 billion for 1% of all the farmland or “apartment houses” in the U.S. Further, they both produce real-world utility, but wouldn’t even spend $25 for 100% of the supply of Bitcoin:

“Now 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. The apartments are going to produce rent and the farms are going to produce food.”

“Assets, to have value, have to deliver something to somebody. And there’s only one currency that’s accepted,” he added.

Well-known crypto proponents were mocking Buffett’s comments on Twitter over the weekend.

Co-founder of top crypto venture capital firm Andreessen Horowitz (a16z) Marc Andreessen noted that “it’s so wild he says this stuff while nakedly shilling diabetes. This is in reference to an ensemble of See’s Candies boxes and soda cans on Buffett’s desk during the speech.

In response, Tesla CEO and Twitter owner Elon Musk said “haha he says ‘Bitcoin’ so many times.” While MicroStrategy CEO Michael Saylor chimed in that “everyone can’t stop talking about Bitcoin.”

Author: admin