2 November 2024
Warren Buffett Once Again Slammed Bitcoin, Claims It Has No Value
The Billionaire and CEO of Berkshire Hathaway, Warren Buffett, has again expressed his opposition to Bitcoin. He claims that BTC lacks inherent value and thus cannot be invested in. He also said that he “wouldn’t take” all of the BTC in the world for just $25.
At Berkshire Hathaway's Annual Shareholder Meeting, he shared his opinions regarding Bitcoin stating how sectors like agriculture and real estate offer more tangible rewards. Although he pays the lowest price for all of the Bitcoin, he would likely sell it back due to the asset's lack of utility.
Warren Buffett said, “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 doubts Bitcoin's origins as the work of a single person, Satoshi Nakamoto, who has remained anonymous. Though Bitcoin acceptance and adoption are growing, Buffett still believes that the dollar will always be the actual money.
In earlier days, Buffett called Bitcoin "rat poison" and maintained a critical stance toward the top-ranked digital currency throughout the years. While his assistant Charlie Munger called Bitcoin "dumb" and said its "evil" characteristics make America look terrible.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
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