Buffett back bashing Bitcoin, claims it ‘doesn’t produce anything’

Buffett back bashing Bitcoin, claims it ‘doesn’t produce anything’

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Warren Buffett is back bashing Bitcoin, claiming that it “doesn’t produce anything”.

Buffett back bashing Bitcoin, claims it ‘doesn’t produce anything’

Buffett back bashing Bitcoin, claims it ‘doesn’t produce anything’

 

Warren Buffett, the billionaire investor, has once again criticized Bitcoin, claiming that he “wouldn’t accept” all of the BTC in the world for only $25.

With a net worth of roughly $124 billion, the 91-year-old is a crypto skeptic who reportedly referred to Bitcoin as “rat poison squared.” His arguments often revolve on digital assets having no monetary worth, and the crypto community has been quick to point out that there are a plethora of use cases and usefulness in crypto that Buffett is unlikely to have investigated.

Buffett discussed bitcoin at the Berkshire Hathaway Annual Shareholder Meeting on April 30, citing the sector’s gaining mainstream embrace. He said that although he has no clue if the value of BTC would rise in the future, he is certain that “it produces nothing.”

Buffett said that he would gladly write a $25 billion check for 1% of all farmland or “apartment homes” in the United States since both provide real-world use, but he wouldn’t even pay $25 for 100% of Bitcoin supply:

“Now, if you told me you had all of the Bitcoin in the world and gave it to me for $25, I would decline because I wouldn’t know what to do with it.” In any case, I’d have to sell it back to you. It’s not going to make a difference. The flats will generate rent, while the fields will provide food.”

“Assets must provide something to someone in order to be valuable. And there’s just one acceptable money,” he continued.

Over the weekend, prominent crypto supporters mocked Buffett’s remarks on Twitter.

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Warren Buffett’s belief that cryptocurrency is worthless is amusing since he has no notion that ethereum just had a client pay $150 million for two hours of software usage.

— Scott Lewis (@scott lew is) 1st of May, 2022

“It’s so strange he says this stuff while nakedly promoting diabetes,” Marc Andreessen, co-founder of top crypto venture capital firm Andreessen Horowitz (a16z), said, referring to an ensemble of See’s Candies boxes and Coke cans on Buffett’s desk during the speech.

Elon Musk, the CEO of Tesla and the founder of Twitter, responded by saying, “LOL he says ‘Bitcoin’ so many times.” “Everyone can’t stop talking about Bitcoin,” MicroStrategy CEO Michael Saylor said.

He says “Bitcoin” so many times, it’s hilarious.

May 1, 2022 — Elon Musk (@elonmusk)

BTC, LUNA, NEAR, VET, GMT are the top 5 cryptocurrencies to monitor this week.

Jamie Dimon delivers a little respect to cryptocurrency.

JPMorgan CEO Jamie Dimon is one crypto skeptic who is at least changing his position a bit.

Despite JP Morgan’s major warming to digital assets over the last couple of years, the banker originally characterized Bitcoin as “fraud” and has repeatedly said that he has no personal interest in supporting the industry.

While he still doesn’t like crypto and advises care when investing in it, Dimon told Omaha-based news channel KMTV 3 on Friday that he would “protect your right to do it.”

He went on to say that crypto may be useful in some situations, particularly when it comes to cross-border payments:

“Not everything is horrible. If you told me you wanted to transfer $200 to a buddy in another nation, it would take two weeks and cost $40. You could accomplish it in a matter of seconds using a digital money.”

“Warren Buffett ethereum” is a cryptocurrency that was created by the famous investor, Warren Buffet. He has been back-bashing Bitcoin and claiming it “doesn’t produce anything.” Reference: warren buffett ethereum.

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