Supporters of Bitcoin are almost certain to travel a decade back in time to obtain even a single piece of Bitcoin for $25 while Warren Buffett is unwilling to pay this price
Supporters of Bitcoin are almost certain to travel a decade back in time to obtain even a single piece of Bitcoin for $25. Warren Buffett, a seasoned investor, is unwilling to pay this price, even for all Bitcoins combined.
Warren Buffett Says He Will Never Buy Bitcoin Even At $25
Buffett made his recent anti-Bitcoin remarks at Berkshire Hathaway’s Annual Shareholder Meeting on Saturday, April 30. He stated again that Bitcoin is not a productive asset that generates anything tangible or meaningful.
The Oracle of Omaha went on to compare Bitcoin to other assets and explain why he believes it is worthless. He stated,
“If you said… for a 1% interest in all the farmland in the United States, pay our group $25 billion, I’ll write you a check this afternoon. [For] $25 billion I now own 1% of the farmland. [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.”
— Warren BuffetBuffett added that assets need to “deliver something to somebody” to hold value. He jokingly said that tomorrow even he can come up with Berkshire coins. However, he adds “there’s no reason in the world why the United States government… is going to let Berkshire money replace theirs”.
Reactions Poured In From Crypto Community
Reactions from all over the crypto community began to pour in shortly after Buffett’s remarks. Proponents of the cryptocurrency market have taken several shots at the legendary investor.
Many people believe Buffett’s knowledge of the new asset class is limited. Ricardo Salinas Pliego, a bitcoin investor, and Mexican billionaire said: It’s sad to see him rambling on about a subject he clearly does not understand. That’s why the future ALWAYS belongs to the young and not the OLD.
In two tweets on Sunday, Binance CEO Change Peng Zhao wrote:
“They don’t need each other. Warren has enough paper money and is happy. #Bitcoin has enough supporters and growing. No need to sell/promote Bitcoin to people who have already made up their mind that they don’t want it. We don’t need 100% adoption. Currently adoption is probably less than 5%. Teach it to the others who may need it.”
— Binance CEO Change Peng ZhaoLinda P. Jones, author of the 3 Steps to Quantum Wealth crypto book, pointed out Buffett’s investments in companies having exposure to cryptocurrencies. “Did Warren Buffet forget he invested $500 million in Nubank, a Bitcoin-friendly bank? Did he forget his investment in SBI Holdings, which owns 10%+ of Ripple? Or Bank of America, a Ripple partner?” She wrote.
