Berkshire Hathaway’s Warren Buffet Describes Bitcoin as a “Seashell”, a ‘Does-Nothing Investment’
Buffet has never held back with his dislike for cryptocurrency. The mogul CEO constantly attempts to derail Bitcoin for having zero real everyday use value. Recently, the mega wealthy Buffet related a seashell to BTC, stating that it just sits there and does nothing.
His most recent detest for the cryptocurrency king was heard at a Berkshire Hathaway Meeting for the company stock holders on May 4th in Nebraska. His comment was heard by many because it was said on CNBC.
Berkshire Hathaway generates a reported $248 billion in multinational revenue. The major holdings conglomerate is a type of anti-cryptocurrency organization, especially Bitcoin. They’ve revered to cryptocurrency as a type of poison that is essentially polluting the financial markets.
Warren’s exact words were:
“It doesn’t do anything, it just there… Like a seashell or something, and that is not an investment to me.”
He then went on with emphasis about why he is skeptical of cryptocurrency:
“I’ll tear off a button here. What I’ll have here is a little token…I’ll offer it to you for $1000, and I’ll see if I can get the price up to $2000 by the end of the day…But the button has one use and it’s a very limited use.”
Though the words were harsh; they were no were near as heavy hitting towards Bitcoin as usual – the fabled Oracle of Omaha is known for his sheer excellence when it comes to picking winning investments. On a lighter note however, he did have some decent words to express about blockchain technology. He was heard to say this specifically:
“Blockchain…is very big, but it didn’t need bitcoin. J.P. Morgan of course came out with their own cryptocurrency.”
Buffet sees cryptocurrency like a form of gambling. As far as he is concerned you may as well be throwing dice on a craps table. For Warren cryptocurrency creates some type of security. He sees it that if other people will invest even though they are likely to lose, it gives him the ability to continue as he has and will.
Others of Berkshire Hathaway feel like Buffet. His CEO put it simple and straight forward when he called Bitcoin trading turds. Basically, everyone working with Warren Buffet has no love for BTC or any cryptocurrency for that matter.