Key takeaways:
- Warren Buffett says he is not interested in buying Bitcoin
- The legendary investor claims he wouldn’t be interested in buying every Bitcoin in existence for $25
- Berkshire Hathaway invests in stocks like Apple, American Express and Coca-Cola
Berkshire Hathaway chairman and CEO Warren Buffett is a known Bitcoin critic. He’s always been outspoken about his distrust of the entire cryptocurrency universe, and it’s now becoming obvious that nothing will change his mind.
Buffett Will Never Buy Bitcoin
Warren Buffett is regarded as one of the greatest investors of all time, and his net worth is estimated at approximately $125 billion. However, his views on Bitcoin and cryptocurrencies leave much to be desired. He doesn’t see cryptocurrencies as “productive assets” and maintains that assets such as Bitcoin have no intrinsic value.
Recently, Buffett attended the annual Berkshire Hathaway shareholders meeting, where he was asked about his thoughts on Bitcoin. The legendary investor responded:
“Whether Bitcoin goes up or down in the next year, or five or ten years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything.”
In the past, the billionaire had called Bitcoin a “delusion” and “rat poison squared”. He had recently reiterated his point that nothing will ever make him buy Bitcoin or any other cryptocurrency – at any price at all.
Speaking during the shareholders meeting on Saturday, Buffett said:
“If you told me you own all 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.”
Berkshire Hathaway holds over $330 billion in assets under management. Some of its top holdings include Apple, American Express, Bank of America, and Coca-Cola. The company continues to purchase top stocks, but not digital assets, which Buffett feels are valueless.
According to Warren Buffett, before an asset can be deemed valuable, it “has to deliver something to somebody.”
Birds of the Same Feather
While some modern investors may criticize Wallet Buffett’s statements on Bitcoin, members of his inner circle seem to understand him perfectly. In fact, some of them have even fouler words for Bitcoin and altcoins.
His business partner Charlie Munger had this to say:
“In my life, I try and avoid things that are stupid and evil and make me look bad in comparison to somebody else – and Bitcoin does all three.”
Explaining further, the Munger said Bitcoin “is stupid because it’s still likely to go to zero” and is “evil because it undermines the Federal Reserve System.”Concluding his argument, Munger said:
“And third, it makes us look foolish compared to the communist leader in China. He was smart enough to ban Bitcoin in China.”
