No Bitcoin for Warren: Legendary Investor Still Dislikes It

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Photo - No Bitcoin for Warren: Legendary Investor Still Dislikes It
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.
Buffett explained why he does not think that Bitcoin is an asset in comparison to other types of value.
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.
He also added that if assets are truly valuable, they must be able to produce something for someone. Besides, it does not matter which coin you create – Bitcoin or, say, Berkshire coin – as fiat currency will always prevail: “And there’s no reason in the world why the United States government … is going to let Berkshire money replace theirs.” Buffet has previously described Bitcoin as “probably rat poison squared.” He also called it a mirage, claimed that it does not pass the currency test, predicted bad endings for crypto, and generally said many other unflattering things. Meanwhile, Charlie Munger, Buffet’s close associate, has described Bitcoin as evil and stupid, saying that “it makes us look foolish compared to the Communist leader in China. He was smart enough to ban bitcoin in China.” Unlike Buffet, business figures like Michael Saylor and Mark Cuban have acknowledged the value of crypto, noting that BTC is likely to become a store of value.