No intrinsic value!Buffett: “Even if $25 could buy all bitcoin” I wouldn’t buy it

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 No intrinsic value!Buffett: "Even if $25 could buy all bitcoin" I wouldn't buy it
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Those who have always sneered at cryptocurrencies“Stock God” Warren Buffett recently made a series of negative comments again, criticizing Bitcoin as not a productive asset, without intrinsic value, and without substantial effect, and more bluntly, even if it only costs $25, it can wipe out everything in the world. of Bitcoin, and he is unwilling to buy it.

At Berkshire Hathaway’s annual shareholder meeting over the weekend, Buffett said,

I have no way of knowing if (Bitcoin) will go up or down in a year, five or 10 years. But I’m pretty sure it won’t produce anything substantial. It has a magic power that a lot of people are obsessed with.

Blocker has repeatedly reported Buffett’s “unique insights” in the past. In 2018, he first likened Bitcoin to “rat poison”, “a delusional illusion that attracts magicians”, “worthless”, “real bubbles”, and then At the shareholders meeting, he said, “Bitcoin is like a gambling device.” In 2020, he again criticized cryptocurrencies, stating, “Cryptocurrencies have no value, and I have never and will never hold any cryptocurrencies.”

Today, the legendary investment guru reiterates that he would never buy any cryptocurrency, no matter how cheap it was.

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If you told me that you had all the bitcoins in the world and that you were willing to sell it to me for $25, I would not accept it because I had no idea what to do with it. I will have to sell it back to you another way. It has no substantive effect.

Marc Andreessen, founder of Silicon Valley venture capital firm Andreessen Horowitz, shared a video of Buffett’s criticism of Bitcoin on Twitter, showing Berkshire’s See’s Candies on the table. Marc Andreessen said in a post, “It’s crazy that he’s still saying these things while he’s peddling diabetes outright.”

In response, Musk, CEO of Tesla and SpaceX, responded under the post: “Haha, he said ‘Bitcoin’ many times.”

After Buffett’s remarks, bitcoin’s market was unaffected, rising 2.3 percent to hit $38,900 at one point, according to CoinMarketCap.

Founded in 1839, Berkshire Hathaway is a multinational investment holding company with more than $330 billion in assets under management.

The company’s major holdings include Apple, Bank of America, American Express and Coca-Cola. Last year, Berkshire also bought about $1 billion worth of Activision Blizzard stock, and recently increased its stake in the gaming giant to about 9.5 percent.

For Buffett, assets must have intrinsic value, which means they “have to be productive.””Apartments generate rent, farms generate food,” he said. […], and only one currency can be accepted. “

“This is money,” Buffett pointed out, holding a $20 bill.

Meanwhile, Buffett’s close friend and business partner Charlie Munger has been more critical of bitcoin. He said,

All my life, I’ve tried to avoid stupidity, evil, and things that make me look stupid in front of others, and Bitcoin is all three.

Explaining his stance, Munger said bitcoin is “dumb because it still has the potential to go to zero” and is “evil because it undermines the Federal Reserve System.” He concluded by saying,

Third, it makes us look stupid compared to China’s Communist Party leaders. They banned bitcoin in China, what a smart move.

This article has no intrinsic value! Buffett: “Even if $25 can buy all bitcoins” I don’t buy it appeared first on Blocker.

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