Why Warren Buffett Has Zero Interest in Bitcoin

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The Oracle of Omaha has strong feelings about the value of Bitcoin.

Key points

  • Bitcoin inspires a passionate response, even from those who consider it nonsense.
  • Buffett sees Bitcoin as speculative and of no real value.

Bitcoin, the digital currency that operates without the supervision of banks and governments, tends to inspire passion. Some fervently believe that digital currency is the wave of the future and a great way to get rich. And then there are others, like business tycoon Warren Buffett, who distrust cryptocurrency usually.

Buffet’s position

Last month at Berkshire Hathaway’s annual shareholder meeting, Buffett made it clear that he has no interest in Bitcoin being part of his portfolio.

According to the Oracle of Omaha, “I don’t know if it will go up or down next year, or five or ten years from now. But the one thing I’m pretty sure of is that it doesn’t produce anything.” He has magic, and people have given magic to a lot of things.”

where the road forks

Bitcoin serves different functions in different parts of the world. For example, the countries of El Salvador and Panama have each adopted Bitcoin like your coins. In the case of El Salvador, the adoption of Bitcoin did not turn out as expected. According to the National Bureau of Economic Research, once Salvadorans used the $30 bonus they received, 60% got rid of the government Bitcoin wallet. And while the government expected citizens to use Bitcoin to pay their taxes, 99% of Salvadorans chose not to.

Although big names like Elon Musk see potential in cryptocurrencies, Buffett stands firm. The self-made billionaire sees Bitcoin as dangerously speculative with no real value. Buffett has gone so far as to call Bitcoin, “probably rat poison squared.”

For Buffett, it’s about creating value

According to CNBC, Buffett summed it up by comparing Bitcoin to assets that create value.

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“If you said for a 1% stake in all the farmland in the United States, pay our group $25 billion, I’ll write you a check this afternoon. (For) $25 billion, I now own 1 % of farmland. (If) you offer me 1% of all the departments 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 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 to you one way or another. It’s not going to do anything. The apartments are going to produce rent, and the farms are going to produce food”.

Buffett believes that investing in Bitcoin is more of a gamble than an investment. “If you want to bet someone else will come and pay more money tomorrow, that’s a kind of game. That’s not investing.”

Does interest decrease?

While it is difficult to gauge the general enthusiasm for Bitcoin, the recent drop in purchases is revealing. Since hitting an all-time high in November 2021, Bitcoin purchases are down 43%. And new data from Google indicates that retail investors may be losing interest as Cryptocurrency prices fall.

Google data also indicates that Internet searches for Bitcoin have fallen since May 2021, when they were at their peak.

At 91 years old, it’s fair to say that Warren Buffett has seen enough to form a strong opinion. Time will pass if he is right about the future of Bitcoin.

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