Despite Bitcoin becoming more and more a store of value and an accepted payment method, legendary investor Warren Buffett remains unmoved by its potential.
Even though Bitcoin, the first and most prominent of cryptocurrencies, still captures public imagination, Warren Buffett says it’s still not a productive asset and does not produce anything tangible. He is so against investing in it, he recently said he wouldn’t even spend $25 to purchase the entire supply of Bitcoin in the world.
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At the Berkshire Hathaway annual shareholders meeting held this past Saturday, Buffett reinforced his anti-Bitcoin position with the most extensive statements he made on the topic to date.
“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 magic to lots of things,” he said.
What does he want to invest in, instead?
“If you said … for a 1% interest in all the farmland in the United States, pay our group $25 billion, I’ll write you a check this afternoon. For $25 billion I now own 1% of the farmland. If you offer me 1% of all the apartment houses in the country and you want another $25 billion, I’ll write you a check, it’s very simple. 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 stated.
Holding up a $20 bill, he also said that “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.”
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