Billionaire Warren Buffett Once Again Lashes Out At Bitcoin

A mere $25 per Bitcoin (BTC) has been a decade-back history but legendary investor Warren Buffett isn’t willing to pay that sum even for the entire circulating supply of Bitcoins today. Buffett fired shots once again at Bitcoin at the Berkshire Hathaway Annual Shareholder meeting Saturday, April 30.

Despite a major shift in the institutional perception of Bitcoin, Buffett sticks to his previous stand. Speaking at the meeting, Buffett said:

“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 magics to lots of things.”

Warren Buffett has been a strong critic of Bitcoin calling it “Rat Poison Squared” in the past around 2018. However, the BTC price has been nearly 10x in the last four years. Buffett believes that Bitcoin doesn’t have any intrinsic value.

Warren Buffett – Won’t Pay Even $25 For Entire Bitcoin Supply

In a sarcastic comment, Buffett said that no one is “short” on Bitcoin. Commenting on the investors’ perception, Buffett added that everyone wants to be a long-term holder. However, Buffett has said in the past that even he won’t be shorting Bitcoin. Drawing the recent analogy with real estate, Buffett said:

“[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.”

Charlie Munger, Buffett’s partner at Berkshire Hathaway also lashed out at Bitcoin. He said: “In the first place, it’s stupid because it’s still likely to go to zero”.

But not all Wall Street billionaires are against Bitcoin. In fact, billionaire Ray Dalio has repeatedly said that it’s ok to have some exposure to Bitcoin. Dalio himself holds Bitcoin in his personal capacity.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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