Over the years bitcoin (BTC) and the wider world of crypto has become increasingly accepted within the traditional finance industry. Major institutional players are increasingly stepping in and the first bitcoin exchange funds were even launched not long ago. However, not everyone is convinced of the possibilities of bitcoin and crypto. One such person is legendary investor Warren Buffet.
Warren Buffett ignores bitcoin
At a meeting of shareholders of Berkshire Hathaway on Saturday, Buffett reiterated his stance on bitcoin, CNBC reports that† Little seems to have changed in his view since Buffett last spoke out about bitcoin. According to Buffett, bitcoin simply isn’t ‘productive asset† Bitcoin produces nothing and that is why he personally ignores the cryptocurrency for the time being.
“Whether it will go up or down next year, or five or ten years, I don’t know. But the one thing I’m pretty sure about is that it won’t get you anywhere,” Buffett said. “There’s something magical about it and people have attached magic to a lot of things.”
According to Buffett it is nonsensical to to buy bitcoin if there are also excellent alternatives. According to him, you simply can’t do anything with bitcoin, except resell it to the highest bidder. You can actually do something with farms and apartments, says Buffett. Bitcoin is nothing more than a fairy tale in Buffett’s eyes.
Charlie Munger: Bitcoin is stupid and bad
Buffett’s right-hand man, Charlie Munger, is also outspokenly anti-bitcoin and anti-crypto. At the same meeting on Saturday, Munger added to his already almost hostile statements to the police crypto industry he already made in the past.
“In my life, I try to avoid things that are stupid and bad and make me look bad compared to someone else — and bitcoin does all three,” Munger said. “First of all, it’s stupid because it’s still likely to go to zero. It’s bad because it undermines the Federal Reserve System, and third, it embarrasses us compared to the communist leader in China. He was smart enough to ban bitcoin in China.”
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