While speaking during the Berkshire Hathaway Annual Shareholder meeting, Buffett rationalized Bitcoin’s lack of tangible value while referencing how sectors like agriculture and real estate have more tangible returns, unlike Bitcoin. He stressed that even if he is offered all the Bitcoin for the cheapest price, he would likely sell it back given the asset’s lack of utility.
“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,” said Buffett.
Furthermore, Buffett appeared to question Bitcoin’s origin as a product of an individual, Satoshi Nakamoto, who remains anonymous. Despite Bitcoin increasingly being utilized as a form of payment, Buffett noted that although more digital financial assets would come up, the dollar remains the real money.
Over the years, Buffett has consistently maintained a hostile stand on Bitcoin, at some point, terming the number one ranked digital currency as ‘rat poison. On the other hand, Buffett’s assistant Charlie Munger said Bitcoin is ‘stupid’, and ‘evil’ attributes he said make America look bad.
Recently, Thiel ranked Buffett on top of the crypto ‘enemy list,’ referring to him as “sociopathic grandpa.”
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