Billionaire finance guru Warren Buffett criticizes Bitcoin once again, at the Berkshire Hathaway Annual Shareholder meeting held on Saturday. He said that Bitcoin is not a productive asset and it does not produce anything tangible.
“Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything. It’s got a magic to it and people have attached magics to lots of things” he said.
The 91 year old billionaire said that there is “nobody” who holds Bitcoin for short-term, everybody is a long term holder. Bitcoin enthusiasts have noticed this pattern as well, they see crypto as a passive asset and investors tend to hold their investment for a longer period to get better profits.
Moreover, Buffett went on to further explain his thoughts about Bitcoin, by saying that he would buy land and even apartment buildings if he was offered 1% of both farmlands and apartments in the US for $25 Billion each.
“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.”
Buffett was accompanied by his longtime friend and Vice Chairman of Berkshire Hathaway, Charlie Munger. Munger has also supported Buffett’s comments on Bitcoin and has even went on to say that Bitcoin is stupid, evil and “it makes us look foolish”.
Buffett went on to say that even if he came out with Berkshire coins then it won’t have any value as only the dollar bill will be accepted by the government and hence it is the only currency that’s accepted and has any value.
Billionaire Buffett’s latest comments have made headlines and crypto enthusiasts are not happy.
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