Warren Buffet is one of the top 10 billionaires in the world and also the CEO of Berkshire Hathway. A great part of his money goes to diverse investments, but cryptocurrency is still not on his list – and his recent allegations confirm that he does not plan to change his mind. Buffet said that he “wouldn’t pay even $25 for all the bitcoin in the world” during his company’s annual shareholders meeting.
Conversely, the richest person on the planet, Elon Musk, has fully embraced the world of cryptocurrency and even accepts them as payment methods for Tesla cars. The Tesla CEO has also been suggesting big corporations like McDonald’s to accept cryptocurrencies.
Buffet is not the only billionaire that refuses to accept cryptocurrencies as valid assets. American financier and Wall Street’s most fruitful investor, Carl Icahn, has also been publicly against cryptocurrency, calling them “ridiculous.” Real estate magnate Sam Zell has reported being “skeptical of Bitcoin” to Business Insider.
Many people have supported and opposed crypto over the years. For instance, the Winklevoss twins have experienced highs and lows through their cryptocurrency, yet still, defend them. Bill Gates has spoken positively of digital currencies multiple times, but at the same time, he feels uncertain about the anonymity of blockchain technology.
Buffet said during his company’s annual shareholders meeting that if all attendees offered him a 1% stake for $25 on all the farmland in the U.S. or all apartments in the nation, he would write and sign a check right away. However, he said that he wouldn’t even pay $25 for all the world’s Bitcoin.
Buffet explained that farmlands produce food and apartments generate rents. Since Bitcoin does not produce anything, he would not have any other option but to sell it back to another individual.
Still, Buffet said that the ability of bitcoin to attract investors was impressive. While he wasn’t sure if Bitcoin would increase or decrease its price, he was sure that it would never multiply.
Buffet has publicly spoken against cryptocurrencies in the past, saying that they “will come to a bad ending,” but that his company would not have a position on them.
Cryptocurrencies are characterized by being extremely volatile and fluctuating throughout time. A 2021 CNBC report says that the total crypt market crossed $2 trillion. Since then, its value has withered to about $700 billion.
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