Warren Buffett is at it again.
Speaking at the Berkshire Hathaway annual shareholders meeting Saturday, the legendary investor has lambasted Bitcoin. According to him, the coin is not a good asset and does not produce anything tangible.
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 produce anything, It’s got a magic to it and people have attached magic to lots of things, - Buffett said.
If you said … for a 1% interest in all the farmland in the United States, pay our group $25 billion, I’ll write you a check this afternoon,” Buffett said. ”[For] $25 billion I now own 1% of the farmland. [If] you offer me 1% of all the apartment houses in the country and you want another $25 billion, I’ll write you a check, it’s very simple. 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.
