By Alicia Maher
Billionaire investor and sixth-richest man in the world, Warren Buffett, has again criticized Bitcoin, with the billionaire surmising that there is no intrinsic value in the leading cryptocurrency. Buffett shared his new opinion about BTC and crypto during the latest Berkshire Hathaway annual general meeting held on April 30.
However, his new opinion isn’t different from what he has previously shared about Bitcoin. On Saturday, Buffett said, “I am not interested in whether BTC will go up or down in the next couple of months. What I’m certain about is that it doesn’t yield any value.”
Buffett Is Criticized Over His Comments About Bitcoin
While he has previously called the top digital asset a ‘delusion’ and ‘rat poison squared,’ he further said, he won’t purchase BTC or any other crypto no matter their price. Buffett added, “if you offer me all the Bitcoin in circulation for $25 because you own them, I won’t buy because there is nothing I can do with it to make it yield any value.” “the only way I can gain any value from it is to sell it back to you.”
Buffett’s comments have drawn criticisms from crypto proponents with Andreessen Horowitz CEO, tweeting that it is strange that Buffett would make such comments despite making huge profits off of making people consume too much sugar leading to diabetes. Also, new twitter owner, Elon Musk added that Buffett mentioned Bitcoin several times despite his dislike for it.
Despite Buffett’s criticisms, Coinmarketcap data shows that BTC gained 2.4% in the past day to now trade at $38.9K.
Buffett’s Distaste For Bitcoin
Buffett is the CEO of Berkshire Hathaway, a multinational behemoth with more than $331B worth of assets under its management. Coca-Cola, Bank of America, and Apple represent three of Berkshire’s top holdings. The firm bought nearly $1.2B shares of video gaming firm Activision Blizzard and has increased its holdings in this company to almost 9.6%.
Buffett’s perspective about assets is that anything regarded as an asset can only have value when they deliver something to somebody. The Berkshire Hathaway founder said, “apartments deliver value in the form of rent, farms deliver value in the form of food … The common denominator among them is value. That’s the acceptable currency.”
He reiterated that “anyone can create anything, even Berkshire coin (hypothetically speaking) but in the end, money is this… (he displays a $20 bill).” Following the footsteps of his friend, Buffett’s right-hand man, Charlie Munger, even delivered more brutal comments about BTC.
Munger said, “I am always careful not to do stupid and evil things or anything else that makes me look bad from another person’s perspective but Bitcoin ticks all three boxes.” Munger explained saying,
“Bitcoin price will still hit zero; that’s why it’s stupid. I call it evil because it’s an attempt to make the federal reserve system irrelevant.”
In his final remarks, Munger opined “any BTC approval is foolishness on our part as Americans. The Chinese leader was smart enough to ban crypto in their country.”
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