Warren Buffett, Berkshire Hathaway’s chairman, is tough on cryptocurrencies
Billionaire Warren Buffett has been a vocal critic of Bitcoin in recent years, repeatedly dismissing the cryptocurrency as a worthless, risky and speculative asset, according to a Business Insider article.
Cryptocurrency enthusiasts rejected warnings from billionaire investor and CEO Berkshire Hathaway, after causing the price of Bitcoin and other cryptocurrencies to rise by as much as 350%, hitting all-time highs last year.
Here are Buffett’s top 16 Bitcoin and cryptocurrency offerings edited and condensed for clarity, which he made on several US outlets including CNBC. Bitcoin was trading at $ 36,815 shortly after 11 am ART, After hitting $ 40,000 earlier in the year.
1. “ Cryptocurrencies are essentially worthless and produce nothing. They don’t multiply, they can’t send a check, they can’t do anything, and what you are hoping is someone else comes and pays you more money later, but then that person gets into the problem. By value: zero“.
2. “It is a clever game and the blockchain is important, but Bitcoin has no unique value, it does not produce anything. You can stare at it all day and not a little bitcoin or anything like that. It’s just an illusion.”
3. If you and I purchased multiple cryptocurrencies, they wouldn’t multiply. There will be no bunch of rabbits sitting in front of us. They’ll just sit there. And I hope you will be more excited the next time I have bought if I then get more excited and buy it from you. We can sit at home on our own and we can keep pushing the price up between us. But at the end of time, Bitcoin is out there and now we have to find someone else. They have come to an end. “Bitcoin is trading near $ 37,000 after hitting a record $ 40,000 earlier this year.
4. “With regards to cryptocurrencies in general, I can almost say with certainty that they will reach a bad end. If I can buy a five-year stake in each of the cryptocurrencies, I will gladly do so, but I will not miss a penny. “
5. “It’s probably a rat poison square“.
6. ”It is basically a mirage. It is a very efficient way to transfer money and you can do this anonymously and all of that. A check is a way to transfer money, too. Are checks worth a lot of money just because they can transfer money? I hope Bitcoin becomes a better way to do this, but it can be replicated in a few different ways. The idea that it has immense intrinsic value is a joke in my opinion. “
7. “It is not a coin. It does not meet the test of the coin. I wouldn’t be surprised if it hadn’t been in circulation in 10 or 20 years.” It is not a permanent exchange broker, nor is it a store of value. It was a kind of Buck Rogers speculation and people buy and sell it because they expect them to rise or fall as they did with tulip lights a long time ago. “
Buffett is critical of the idea that Bitcoin could be turned into a store of value in the medium term, other major investors have pointed out
8. “Rising price creates more buyers and people think” I have to intervene in this “and it is better that they do not understand it. If they do not understand it, they will be more enthusiastic than if they understand it.”
9. “It will feed on itself for a while, sometimes for a long time, and sometimes in extraordinary numbers. But they reach bad ends and it will end up in cryptocurrencies. “
10. “You’d be better off having productive assets for the next 50 years than if you had bits of paper or bitcoin.“.
11. “I already have enough problems with the things that I think I know something about. Why should I take a long or short position on something I don’t know about?” We don’t have to know what the cocoa beans will do, or the bunker, we just have to focus on eight or 10 stocks. “
12. “Attracts a lot of impostors. It’s something that non-astral people see an opportunity to alienate people trying to get rich because their neighbor gets rich and buys these things that no one understands. It will have a bad ending. “
13. Bitcoin was used to illegally transfer large amounts of money. The logical step to introducing Bitcoin is to make small bags because the money was transported in bags from one country to another. You can see it as Bitcoin’s economic contribution to the community. ” –
14. We have nothing, and we are not missing anything. We will not have a place in it.“
15. “I don’t have any Bitcoin. I don’t have any crypto, and I will never do that. He might start the Warren coin, and he might make one and say there will only be 21 million. You can get it after my death, but you can’t do anything with it but sell it.” For someone else. ”
16. “I am so sorry that this happened because people have illusions that something like this will change their lives.”
I kept reading:
The IMF warns of the legal challenges and risks of cryptocurrencies
The story of the Argentine who made artwork with 250 original Bitcoins, he sold it in 2019 and today is valued at over $ 8 million USD.