Buffet Once Again Raises Less Than Favorable Opinion on Bitcoin
2022.05.02 17:02
Buffet Once Again Raises Less Than Favorable Opinion on Bitcoin
- Billionaire Warren Buffett has once again made his less than favorable opinion on Bitcoin known.
- He also stated that although he is not sure if the price of Bitcoin will increase in the future, he is still sure that “it doesn’t produce anything.”
- The crypto community does not share Buffet’s sentiments and many in the community were mocking his comments.
Billionaire Warren Buffett has once again made his less than favorable opinion on Bitcoin. He was known to remark that he would not even ‘buy all the Bitcoin in the world for $25.’
The 91-year-old Buffet is a well-known crypto skeptic and one even called Bitcoin “rat poison squared.” The reasons for his skepticism usually stem from the fact that digital assets offer no tangible value.
Buffet made an appearance at the Berkshire Annual Shareholder meeting on April 30. Here, he commented on crypto and the widespread adoption seen in the sector. He also stated that although he is not sure if the price of Bitcoin will increase in the future, he is still sure that “it doesn’t produce anything.”
Buffet was heard saying “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.”
Buffet also added that in order for assets to have value, it has to deliver something to someone.
The crypto community, on the other hand, does not share Buffet’s sentiments and many in the community were mocking his comments.
One crypto fan shared his opinion on Twitter (NYSE:TWTR) and said, “Warren Buffet thinking crypto is worth zero id funny because he has literally no idea that Ethereum just had a customer pay $2 million to use the software for two hours.”
Crypto influencers like Marc Andreessen and even Elon Musk joined in on the fun.
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