Buffett bashing Bitcoin yet again

Buffett bashing Bitcoin yet again

Warren Buffett, one of the world’s best-known investors, is a famous cryptocurrency critic. He and Charlie Munger, have stated on many occasions their anti-crypto stances, calling it even a “rat poison, stupid or evil.”

The annual shareholder meeting of Berkshire Hathaway, Buffett’s company, that took place over the weekend brought probably one of the longest Bitcoin bashing monologues from Buffett in years. Besides other things, he stated the following:

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
Warren Buffett

Cryptocurrency world was, however, very quick to respond to these remarks. Many have argued that Buffett has never been a huge advocate of investing into Tech stocks and since Bitcoin is mostly a technology development, he hardly understands it.

Others showed that the system, which Bitcoin is about to disrupt, is the very same system Buffett used to benefit himself. Moreover, as portrayed by the following image, the market cap of Bitcoin is higher than market cap of Berkshire Hathaway, which hardly supports the arguments of Warren Buffett that it is worthless.

Market cap

Market cap. Source: Twitter

If you want to know more about this topic, feel free to follow these links:

Published: 02. May 2022