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

Warren Buffett, a billionaire investor, has once more criticized Bitcoin. He claimed he “wouldn’t take” all the BTC in the entire world for $25.

With a net worth in excess of $124 billion, the 91-year old is an avid crypto skeptic who once called Bitcoin “rat poison squared.” Buffett’s arguments are often based on digital assets having no tangible value. However, the crypto community quickly pointed out that there are many uses and benefits to crypto that Buffett has not researched.

Buffett spoke out about crypto and the increasing mainstream adoption of it at the Berkshire Hathaway Annual Shareholder Meeting on April 30. Buffett stated that although he doesn’t know if BTC’s value will rise in the future, he is certain that it won’t produce any.

Buffett stated that he would gladly write a $25 billion check for 1% of all U.S. farmland and “apartment homes” as they both provide real-world utility. However, Buffett wouldn’t spend $25 to get 100% of Bitcoin’s supply.

“Now, if you said you owned all the Bitcoins in the world and offered it to you for $25, I wouldn’t accept it. What would I do with it?” It would have to be returned to me in some way. It won’t do anything. It is going to generate rent, and the farms will produce food.

“Assets must be able to give something to someone in order to have value. He added that there is only one currency that can be accepted.

Over the weekend, well-known crypto advocates mocked Buffett’s tweets.

Warren Buffett thinks crypto is worth nothing because he doesn’t know that ethereum had just $150M for 2 hours of software use.
— Ks (@scott_lew_is May 1, 2022

Marc Andreessen, co-founder of Andreessen Horowitz (a16z), noted that “it’s so wild he says these stuff while nakedly shilling Diabetes,” in reference to a collection of See’s Candies boxes as well as soda cans at Buffett’s desk during his speech.

Elon Musk, Tesla CEO and Twitter Owner, responded by saying “haha” while Michael Saylor, MicroStrategy CEO, said that “everyone cannot stop talking about Bitcoin.”

He says “Bitcoin!” so many times!
— Elon Musk (@elonmusk), May 1, 2022

Related: Top 5 cryptocurrencies you should be watching this week: BTC. LUNA. NEAR. VET. GMT

Jamie Dimon gives crypto a small thank you

Jamie Dimon, CEO of JPMorgan, is one crypto skeptic who is at least trying to soften their stance.

The banker once called Bitcoin “fraud” but has repeatedly stated that he does not want to support the sector personally, despite JP Morgan’s recent significant increase in interest in digital assets.

Dimon spoke to KMTV 3 in Omaha on Friday. He said that although he doesn’t like crypto, he will defend your right to invest in it.

He went on to say that crypto can be used in important ways, particularly for cross-border payments.

Not all of it is terrible. It could take two weeks to send $200 to someone you care about in another country. That would cost $40. It’s possible to do it using a digital currency. It will take only seconds.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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