Berkshire Hathaway CEO Warren Buffett says he won’t buy all the bitcoin in the world for $25. Meanwhile, his longtime business partner and right-hand man, Charlie Munger, says bitcoin is stupid and evil, noting that the cryptocurrency makes him look bad.
Warren Buffett Explains Why He Won’t Buy Bitcoin
Warren Buffett and Charlie Munger talked regarding bitcoin during Berkshire Hathaway’s annual shareholders meeting Sat. Buffett is Berkshire’s CEO and chairman of the board. Munger, usually referred to as his assistant, is that the company’s president of the board.
The Oracle of Omaha, known for voice communication bitcoin is “probably rat poison squared,” explained in some detail why he wouldn't get BTC. He said:
Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything … It’s got a magic to it and people have attached magics to lots of things.
Buffett gave some examples. He would pay $25 billion for 1% interest all told the farmland within the us. He would also pay $25 billion for 1% interest all told the lodging homes within the country. “I would write you a check this afternoon,” he affirmed.
However, once it comes to buying bitcoin, he detailed:
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.
Unlike bitcoin, “The apartments are reaching to produce rent and the farms are reaching to produce food,” he stressed.
The Berkshire boss proceeded to debate the U.S. dollar. “Assets, to have worth, have to deliver one thing to someone. And there’s just one currency that’s accepted. you can return up with all types of things — we can place up Berkshire coins … however within the finish, this is often cash,” he added, holding up a $20 bill. “And there’s no reason within the world why the united states government … goes to let Berkshire cash replace theirs.”
Buffett, however, invests in bitcoin-friendly digital bank Nubank, that offers BTC investments.
Charlie Munger Says Bitcoin Is Stupid, Evil, and Makes Him Look Foolish
Munger also reiterated his harsh stance on bitcoin Saturday. The Berkshire chairman shared:
In my life, I try and avoid things that are stupid and evil and make me look bad in comparison to somebody else — and bitcoin does all three.
“In the primary place, it’s stupid because it’s still doubtless to travel to zero,” Munger continuing. “It’s evil because it undermines the Federal Reserve system … and third, it makes United States look foolish compared to the Communist leader in China. He was good enough to ban bitcoin in China.”
The Berkshire vice chairman also mentioned bitcoin back to an issue regarding what single investment should one place cash in as a safeguard against high inflation. He said:
When you have your own retirement account, and your friendly adviser suggests you put all the money into bitcoin, just say ‘no.’
Munger has repeatedly slammed bitcoin. In February, he said that the government should ban the cryptocurrency, job it a “venereal disease.” He has praised China many times within the past for ban cryptocurrency, stating that he needed crypto has ne'er been invented. In could last year, he said that bitcoin was “disgusting and contrary to the interest of civilization.
(Kevin Helms, Bitcoin.com, 2022 )