The Coin Leaks News: Berkshire Hathaway (NYSE: BRK.A) CEO Warren Buffett has reiterated his position against Bitcoin and has stated that Buffett is not able to invest in the cryptocurrency, citing its lack of intrinsic value.
In his speech at speaking at Berkshire Hathaway Annual Shareholder meeting, Buffett rationalized Bitcoin’s lack of tangible value , while pointing out the fact that sectors such as real estate and agriculture have higher returns that are tangible, in contrast to Bitcoin. He emphasized that, even if given all Bitcoin at the lowest cost, he’d probably trade it back due to the value of Bitcoin’s asset’s inutility.
It’s so wild he says this stuff while nakedly shilling diabetes. pic.twitter.com/k4cy20PVpd
— Marc Andreessen (@pmarca) May 1, 2022
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,” said Buffett.
In addition, Buffett appeared to question the origins of Bitcoin as a result of an individual named Satoshi Nakamoto. He remains unidentified. In spite of Bitcoin becoming more popular as a payment method, Buffett noted that although many more digital financial assets will be created but the dollar remains the only currency that is truly used.
Buffett’s robust Bitcoin opposing
Through the many years, Buffett has consistently maintained an uncompromising position on Bitcoin at one time, he described the top one digital currency as “rat poison. However the Buffett’s adviser Charlie Munger said Bitcoin is “stupid” and “evil features that he believes can make America appear poor.
In the wake of Buffett’s latest remark about Bitcoin, Microstrategy CEO Michael Saylor said that the ongoing assault on BTC can be used as a marketing plan for the currency.
So I hear Warren Buffett & Charlie Munger are marketing Bitcoin again,” Saylor said.
In addition to Saylor other crypto enthusiasts have also criticized Buffett for his stance on Bitcoin and Lightning-rod Venture investor Peter Thiel joining the list.
Recently, Thiel ranked Buffett on the top of the crypto “enemy” list’ and referred to Buffett as a “sociopathic great-grandpa.”
Despite Berkshire Hathaway leadership dismissing Bitcoin potential, the company has put $1 billion into Nubank. It is the Brazilian institution is known as a digital bank that is pro-crypto that provides products such as Bitcoin ETF through its investment division.