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AGM from Berkshire: Warren Buffett: I wouldn’t pay $ 25 for all the bitcoins in the world | news

• Shareholders again questioned Warren Buffett about Bitcoin
• Berkshire Hathaway CEO is in favor of productive actions
• Buffett Vice Munger thinks Bitcoin is stupid and evil

Wall Street legend Warren Buffett has never hidden his rejection of Bitcoin. On the contrary: In a memorable interview with CNBC in 2018, he described the world’s most popular cryptocurrency as “rat poison” and advised investors to keep their hands off. He compared the hype of cryptocurrency to the Dutch tulip craze of 1637, which went down in economic history as the world’s first speculative bubble.

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That said, it’s no wonder Bitcoin fans have little affection for Buffett. German-American investor and billionaire Peter Thiel recently expressed this in a nutshell. At the “Bitcoin 2022” conference in Miami, he explained that Buffett – “the sociopathic grandfather of Omaha”, as he calls it – led the “enemy list” of Bitcoin’s opponents, making Bitcoin “enemy number 1”.

Buffett continues to rail against Bitcoin

Meanwhile, Warren Buffett remains opposed to cryptocurrencies, perhaps, as he himself admits, because it’s simply not accessible at his age. This became clear again at this year’s annual general meeting of the investment firm Berkshire Hathaway, which he manages. After a two-year hiatus from the pandemic, the cult event, also commonly referred to as “Woodstock for capitalists,” took place in person again.

It’s almost a funny tradition now that the 91-year-old is asked at the shareholders’ meeting if his opinion on Bitcoin has changed in the meantime. So also this year. However, the Oracle of Omaha was not content with a simple answer, but used a vivid analogy. He announced that he is willing to write a $ 25 billion check for 1% of all US farmland or 1% of all US apartments. The situation is completely different with bitcoin: “If you told me you own all the bitcoins in the world and offered them to me for $ 25, I wouldn’t take them,” said the billionaire, whose net worth is about $ 124 billion. is estimated. “Why what should I do with it? I should sell it back to you one way or another. It won’t do any good. Apartments, on the other hand, will generate rent and farms will produce food.”

Given the growing acceptance of the cryptocurrency industry, Buffett said that while he couldn’t predict if the price of bitcoin would rise in the future, he was at least certain that “bitcoin doesn’t produce anything”. And since he himself favors productive values, Bitcoin is not an asset he would like to acquire. Incidentally, the investment guru isn’t even a fan of gold, for the same reason. He has criticized for decades that the yellow precious metal is not needed and is there, while companies profit from it.

Charlie Munger: Bitcoin is “stupid and evil”

Warren Buffett’s right-hand man Charlie Munger, vice president of Berkshire Hathaway, who in previous years had criticized the volatility, intrinsic value and possible use of Bitcoin for illegal purposes, also used the annual general meeting to reinforce his opinion. : “In my life, I strive to avoid things that are stupid, evil, and that make me look bad compared to others. And bitcoin does all three of those things.” Cryptocurrencies will likely soon be worth nothing and undermine the central bank system, Buffett’s trading partner said.

Financeen.net editorial staff

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