Economy

Buffett Returns to Attack Bitcoin, Claiming It ‘Doesn’t Produce Anything’

May 2, 2022
Scout Titterington

Billionaire investor Warren Buffett once again criticized Bitcoin (BTC), assuring that he would not “take” all the BTC in the world for just $25.

He is 91 years old and has a net worth of around $124 billion Avid crypto skeptics Bitcoin was called “squaring rat poison”. His arguments often stem around digital assets that offer no tangible value, and the community was quick to highlight on this occasion that there are a myriad of use cases and advantages in cryptocurrencies that Buffett likely didn’t research.

Speaking at Berkshire Hathaway’s annual shareholder meeting on Saturday, Buffett hung on cryptocurrencies in connection with the sector’s growing mainstream adoption. He noted that while he had no idea whether the value of BTC would increase in the future, he was sure it was “not producing anything.”

Buffett argued that he would happily write a $25 billion “afternoon check” for 1% of all farmland or “residential homes” in the United States, both of which produce real utility, but not even spend $25 for 100% of the supply from Bitcoin:

“Now if you tell me you have all the bitcoins in the world and offer them to me for $25, I won’t take it because what am I going to do with it? I have to sell it back to you somehow. You won’t do anything. The apartments will produce rent and the farms will produce food.”

“An asset, to have a value, must give something to someone. There is only one currency acceptable.”

Famous crypto proponents were mocking Buffett’s comments on Twitter over the weekend.

Marc Andreessen, co-founder of the largest crypto venture capital firm, Andreessen Horowitz (a16z), noted that “it’s pretty crazy for him to say these things while he’s dealing with diabetes naked,” referring to the stack of candy cans and soda cans on his desk. Buffett during the speech. .

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In response, Tesla CEO and Twitter owner Elon Musk said, “Haha he says ‘Bitcoin’ so many times.” While Michael Saylor, CEO of MicroStrategy, said, “Not everyone can stop talking about Bitcoin.”

Related: Top 5 Cryptocurrencies to Watch This Week: BTC, LUNA, NEAR, VET, GMT

Jamie Dimon pays a small compliment to cryptocurrency

One crypto skeptic who has softened their stance at least a little is JPMorgan CEO Jamie Dimon.

The banker once described Bitcoin as a “scam” and repeatedly repeated that he did No interest in supporting the sector On a personal level, though, JP Morgan Significantly warm up digital assets over the past two years.

Speaking with Omaha-based KMTV 3 news outlet on Friday, Damon pointed That while he still doesn’t particularly like cryptocurrencies and urges caution when investing in them, he will “defend your right to do so.”

He also went on to highlight that cryptography sometimes serves important use cases, particularly in relation to cross-border payments:

“It’s not all bad. If you tell me ‘I want to send $200 to a friend in a foreign country’, it can take two weeks and cost you $40. You can do it with a digital currency and it will take seconds.”