The notorious Bitcoin critic said he will not accept an offer to buy all the BTC in the world for $25.
Speaking at the Berkshire Hathaway Annual Shareholder meeting on Saturday, renowned American billionaire investor Warren Buffett argued that Bitcoin has a number of deficiencies and he doesn’t see any value in the cryptocurrency.Bitcoin does not produce anything valuable or tangible whether or not its price goes up. According to him, the cryptocurrency is a passive asset, and investors buy and hold it hoping that its price will increase in the long run.
Comparing BTC to other options, Buffett said Bitcoin is not a productive asset like farmlands and apartments that produce food and rent. As a result, he wouldn’t invest in it even if all the bitcoins in the world were offered to him for $25. ,” believes that the cryptocurrency has a kind of magic in it and people always attach magic to many things.
“Assets, to have value, have to deliver something to somebody. And there’s only one currency that’s accepted. You can come up with all kinds of things — we can put up Berkshire coins… but in the end, this is money,” he said, raising a $20 bill. “And there’s no reason in the world why the United States government… is going to let Berkshire money replace theirs.
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