Warren Buffett will never buy bitcoins even at $25
Billionaire Warren Buffett once again spoke of cryptocurrencies not being a productive asset and claimed he wouldn't buy the whole of bitcoin even for 25 US dollars. According to Buffett, assets need to have a value and there’s only one currency that’s accepted, and it's not crypto.
"If you told me you owned all the bitcoin in the world and you offered it to me for $25, I wouldn't take it. What would I do with it," Buffett was quoted as saying by news publication Insider.
Speaking at a Berkshire Hathaway annual shareholder meeting, Buffet claimed that crypto is not a productive asset and it doesn’t produce anything tangible.
“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,” he said.
“If you offer me 1% of all the apartment houses in the country and you want another $25 billion, I’ll write you a check. It’s very simple. 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. The apartments are going to produce rent and the farms are going to produce food,” he added.
Buffett concluded his talk by holding up a 20 US dollar bill and said, "You can come up with all kinds of things [digital currencies], but in the end, this is money.”