Warren Buffett, the billionaire investor, has blasted Bitcoin (BTC), claiming that he “wouldn’t take” all of the BTC in the world for merely $25.
With a net worth of roughly $124 billion, the 91-year-old is a crypto skeptic who reportedly referred to Bitcoin as “rat poison squared.”
His arguments frequently revolve around digital assets having no monetary worth. The crypto community has been quick to point out that there are a plethora of use cases and utilities in crypto that Buffett is unlikely to have investigated.
Buffett discussed crypto in regard to the rising mainstream use of the industry during the Berkshire Hathaway Annual Shareholder Meeting on Saturday.
He added that even if it goes up or down in the next year or five years down the line, he is pretty sure that it doesn’t produce anything. He said that it has got magic to it that attracts people.
Quite some unthought remarks by Buffett
He stated that while he has no clue if the value of BTC would rise in the future, he is certain that “it produces nothing.”
Buffett said that he would gladly write “a check this afternoon” for $25 billion for 1% of all farmland or “apartment buildings” in the United States because both provide real-world use, but he wouldn’t even pay $25 for 100% of Bitcoin supply.
“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.”
Over the weekend, prominent crypto supporters mocked Buffett’s remarks on Twitter.
“It’s so strange he says this stuff while nakedly promoting diabetes,” Marc Andreessen, co-founder of top crypto venture capital firm Andreessen Horowitz (a16z), said, referring to an ensemble of See’s Candies boxes and Coke cans on Buffett’s desk during the speech.
“Haha he says ‘Bitcoin’ so many times,” Tesla CEO and Twitter owner Elon Musk said. “Everyone can’t stop talking about Bitcoin,” MicroStrategy CEO Michael Saylor added.