Warren Buffett Says Cryptocurrency Has “Zero” Value, But Do We Even Care
- “I don’t have any cryptocurrency and I never will,” – says Warren Buffett while talking about Bitcoin being used to move a fair amount of money illegally
- “Why do people keep asking an 89-year-old value investor worth almost $100B about his views on a revolutionary new money system that will take decades to play out,” is what analyst Ceteris Paribus had to say
Well, there goes Tron founder Justin Sun’s $4.6 million dinner.
The long time bitcoin critic, Warren Buffett, Berkshire Hathaway CEO and Chairman reiterated his aversion to cryptocurrencies in an interview with CNBC.
“Cryptocurrencies basically have no value and they don’t produce anything,” he said continuing that it doesn’t reproduce or deliver or do anything.
According to him, a crypto investor just hopes that somebody else comes along and pays you more money for it later on but “then that person’s got the problem. “In terms of value: Zero,” said Buffett.
As for Sun gifting him one bitcoin, Buffett said, “I don’t have any cryptocurrency and I never will.”
He also joked about creating his own “Warren currency” with a 21 million hard cap and people can use it after he dies.
But in the end, he came back to Bitcoin's being used to move a fair amount of money illegally.
Warren Buffett in 2018: Bitcoin is probably rat poison squared.
Warren Buffett in 2020: Cryptocurrencies basically have no value.
In the interview he jokingly talked about creating a crypto of his own: "There's only gonna be 21 million of them…and you can have it after I die" https://t.co/iBvUQnWTZH
— Alex Krüger (@krugermacro) February 24, 2020
Why are we even asking him?
Previously in 2018, Buffett called the world’s leading cryptocurrency a “rat poison squared” adding to the list of “not a currency,” “tulips,” and “mirage,” he has used to describe Bitcoin.
Even Berkshire Vice Chairman Charlie Munger follows his lead and had called Bitcoin a “turd” and that trading cryptos is “just dementia.”
Buffett’s response to cryptos certainly makes some waves in the crypto market but “why do people get so triggered by his response?,” is what analyst Ceteris Paribus has to say.
“Why do people keep asking an 89-year-old value investor worth almost $100B about his views on a revolutionary new money system that will take decades to play out,” said Paribus.
Meanwhile some are hopeful…
— WhalePanda (@WhalePanda) February 24, 2020
— Mati Greenspan (@MatiGreenspan) February 24, 2020
$4.6m of retail bag-holders money well spent
This came after Sun had his $4.6 million dinner, won last year in a charity auction, this month.
About this Buffett said “When Justin and four friends came, they behaved perfectly and we had a very friendly three and a half hour dinner and the whole thing was a very friendly exchange of ideas,” but neither didn’t his stance on the coin.
— moon (@MoonOverlord) February 24, 2020
“$5m of retail bag-holders money well spent,” reacted analyst Bob Loukas.