Warren Buffett, the famed Berkshire Hathaway investor, has argued that he would not pay even $25 for the world’s entire bitcoin (BTC) supply.
Buffett has been known to criticize bitcoin actively. He has dialed down his animosity over the past months out of respect for fellow investors who choose to go after the cryptocurrency.
However, he has been known to throw punches at BTC about how little he thinks of it. In his latest criticism, Buffett reiterated his stance against the currency and argued that it has no real value and should therefore be avoided at all cost.
Buffett continued to deliver his argument with the same assuredness he has many times before, arguing that since BTC does not produce anything, it’s not worth anything.
Buffett confirmed that he would seek to invest in new real estate opportunities. He acknowledged that people tend to “fall” for BTC. “It's got a magic to it, but people have attached magic to lots of things”, he said.
Charlie Munger, a longtime business partner of Buffett, was even more hostile towards the crypto sector and said he had tried to stay away from things that are evil or stupid – BTC, he suggested, was one of those things.
Munger argued that eventually, BTC is going to come crashing down and it will hit a net value of zero, which is precisely what Buffett thinks and has said but in much more respectable terms.
Even China was smart enough to ban BTC, Munger said, which made the US look foolish by comparison. This piled on Buffett’s own “rat poison squared” comparison.
Whether two of the most capable investors of our time like BTC may seem inconsequential as the world has been seized by a crypto fever for a long while now.