Buffett back bashing Bitcoin, claims it 'doesn't produce anything'
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 skeptic that once called Bitcoin "rat poison squared." His arguments often stem around digital assets offering no tangible value, and the community has been quick to highlight on this occasion that there is a myriad of use cases and utility in crypto that Buffett likely hasn’t researched.
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. as they both produce real-world utility, but wouldn’t even spend $25 for 100% of the supply of Bitcoin:
“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.
warren buffett thinking crypto is worth zero is funny bc he has literally no idea that ethereum just had a customer pay $150M to use the software for 2 hours.
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,” 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
Read more on cointelegraph.com
