Berkshire AGM: Warren Buffett: Wouldn’t Pay $25 for All the Bitcoin in the World | news

• Shareholders asked Warren Buffett again about Bitcoin
• Berkshire Hathaway CEO favors productive stocks
• Buffett Vice Munger thinks Bitcoin is stupid and evil

Wall Street legend Warren Buffett has never made a secret of his rejection of Bitcoin. On the contrary: in a memorable interview with the CNBC television network in 2018, he described the world’s most popular cryptocurrency as a “squared rat’s death” and recommended that investors stay away from it. He compared the cryptocurrency hype to the Dutch tulip mania of 1637, which went down in economic history as the world’s first speculative bubble.

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Given this, it’s no wonder Bitcoin fans have little affection for Buffett. German-American investor and billionaire Peter Thiel recently summed it up in a few words. At the “Bitcoin 2022” conference in Miami, he explained that Buffett – “the sociopathic grandfather of Omaha”, as he calls him – was at the top of the “enemies list” of Bitcoin opponents, making Bitcoin “enemy #1”.

Buffett continues to rail against Bitcoin

Meanwhile, Warren Buffett remains averse to cryptocurrencies, perhaps, as he himself admits, because he’s just not approachable at his age. That became clear again at this year’s annual general meeting of investment firm Berkshire Hathaway, which he heads. After a two-year pandemic hiatus, the cult event, which is also commonly referred to as “Woodstock for Capitalists”, once again took place in person.

It is now almost a funny tradition that the 91-year-old is asked at the general meeting if his opinion on Bitcoin has changed in the meantime. So also this year. However, the Oracle of Omaha did not settle for a simple answer, but used a striking analogy. He announced that he was ready to write a check for $25 billion for 1% of all US farmland or 1% of all US apartments. The situation is completely different with bitcoin: “If you told me that 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. “Because what am I supposed to do with it? I’ll have to sell it to you somehow. It won’t matter. Apartments, on the other hand, will generate rent and farms will produce food.”

Given the growing acceptance of the crypto industry, Buffett said that while he couldn’t predict whether bitcoin’s price would rise in the future, he was at least certain that “bitcoin isn’t producing anything.” And because he himself favors productive values, Bitcoin is not an asset he would want to acquire. Incidentally, the investment guru is also not a fan of gold, for the same reason. He has been criticizing for decades that the yellow precious metal has no use and sits there, while companies make money from it.

Charlie Munger: Bitcoin is “dumb and evil”

Warren Buffett’s right-hand man, Charlie Munger, vice chairman of Berkshire Hathaway, who had criticized the volatility, intrinsic value and possible use of Bitcoin for illegal purposes in previous years, also took advantage of the annual general meeting. to support his opinion: “In my life, I try to avoid things that are stupid, diabolical and that make me look bad compared to others. And bitcoin does all three of these things. Cryptocurrencies will probably soon be worthless and would weaken the central bank system, justified Buffett’s business partner.

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