Billionaire investor Warren Buffett has once again lashed out at cryptocurrency and Bitcoin, stating that he wouldn’t buy “all of the Bitcoin in the world,” even if he could for the price of $25.
Gizmodo reports that longtime cryptocurrency skeptic and billionaire investor Warren Buffett has once again criticized the concept of digital currency during the recent Berkshire Hathaway annual shareholder meeting in Omaha, Nebraska. Buffett stated that his opposition to cryptocurrency is due to his strong belief that Bitcoin has no actual value.
“Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t multiply, it doesn’t produce anything,” Buffett said. “It’s got a magic to it and people have attached magics to lots of things,” he added.
Buffett, who is currently worth $124 billion, stated that if the people at the meeting owned all of the farmland in the United States and offered him a one percent stake on that farmland for $25 billion, he’d write a check immediately as its a deal on something productive.
LAS VEGAS – JULY 25: (L-R) Warren Buffett, Bill Gates and rapper Ludacris sit courtside during the 2008 State Farm Basketball Challenge exhibition game between the USA Basketball Men’s Senior National Team and the Canadian Senior Men’s National Team at the Thomas & Mack Center July 25, 2008 in Las Vegas, Nevada. (Photo by Ethan Miller/Getty Images)
NEW YORK, NY – NOVEMBER 01: Peter Thiel, Partner, Founders Fund, speaks at the New York Times DealBook conference on November 1, 2018 in New York City. (Photo by Stephanie Keith/Getty Images)
Buffet stated that a similar deal for one percent of all U.S. apartment rentals would also be accepted. He added: “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. Maybe it’d be the same people, but it isn’t going to do anything.”
He went on to stay: “The apartments are going to produce rental and the farms are going to produce food. And if I’ve got all the bitcoin…” Buffett said trailing off.
“Certain things have value that don’t produce something tangible. I mean, you can say a great painting probably will have some value 500 years from now,” Buffett said. “But assets, to have value, they have to deliver something to somebody and there’s only one currency. You can come up with all kinds of things. We can put up Berkshire coins, or Berkshire money, but in the end this is money,” he said holding up a $20 bill.
“But this is the only thing that’s money. Anybody who thinks the United States is going to change the way they let Berkshire money replace theirs is out of their mind.”
During a Miami conference in April, billionaire venture capitalist Peter Thiel took shots at Warren Buffett, referring to him as a “sociopathic grandpa from Omaha,” and Bitcoin’s “enemy number 1.”
It has previously been reported that by 2018, Thiel had amassed hundreds of millions of dollars worth of Bitcoin through the venture firm Founders Fund. During his Miami speech, Thiel also took shots at JPMorgan CEO Jamie Dimon and BlackRock CEO Larry Fink, displaying large graphics with photos of the two CEO’s and their comments criticizing Bitcoin.
Thiel at one point displayed a headshot of Buffett with the words “rat poison” alongside it, referencing the time that Buffett used the term to describe and dismiss Bitcoin. Another Buffett quote stated: “I don’t own any and I never will.”
Read more at Gizmodo here.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan or contact via secure email at the address lucasnolan@protonmail.com
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