Opinion
May 02, 2022

Warren Buffett wouldn’t buy all the Bitcoin in the world for $25, says it produces nothing

Gold coin with bitcoin symbol atop pile of coins
Photo by Pixabay

Speaking over the weekend at Berkshire Hathaway’s annual Omaha shareholder meeting, Warren Buffett — who with a net worth of $124 billion USD, is worth just over three million Bitcoin as of May 2, 2022 — said that “one thing I’m pretty sure of is that [Bitcoin] doesn’t multiply, it doesn’t produce anything.”

Buffett has long been skeptical of cryptocurrency, but his comments made clear just how skeptical he truly is. And his issue isn’t with individuals making money off it. He just thinks BTC is useless.

Buffett indicated he could see that BTC has “magic to it,” but said that “people have attached magic to lots of things.” He then illustrated his point by saying that if everyone in attendance at the meeting owned all the farmland in the United States and offered him a 1% stake, he’d write a check right then and there. Why? It’s productive. Farmland yields something.

“If you told me you own all of the Bitcoin in the world,” Buffett added, “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,” he continued, “…but it isn’t going to do anything.”

Buffett supported his argument regarding crypto’s worthlessness by noting that at least something like fine art “will have some value 500 years from now.”

After some additional comments, the billionaire investor held up a $20 and said, “in the end, this is money […] this is the only thing that’s money.” 

It’s a safe bet that he won’t be opening a Coinbase account anytime soon. And no one tell him about NFTs.

Read related posts:

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Managing editor, mpost.io. Former Deputy Digital Editor, Maxim magazine. Bylines in Observer, Inside Hook, Android Police, Motherboard. Author of official "Better Call Saul" tie-ins "Don't Go to Jail," and "Get off the Grid."

More articles
Steve Huff
Steve Huff

Managing editor, mpost.io. Former Deputy Digital Editor, Maxim magazine. Bylines in Observer, Inside Hook, Android Police, Motherboard. Author of official "Better Call Saul" tie-ins "Don't Go to Jail," and "Get off the Grid."

Hot Stories
Join Our Newsletter.
Latest News

Supply and Demand Zones

Cryptocurrency, like any other currency, is a financial instrument based on the fundamental economic principles of supply ...

Know More

Top 10 Crypto Wallets in 2024

With the current fast-growing crypto market, the significance of reliable and secure wallet solutions cannot be emphasized ...

Know More
Join Our Innovative Tech Community
Read More
Read more
How Hong Kong Web3 Festival Propels Asia’s Tech Frontier or a Gateway to Innovation and Development
Opinion Technology
How Hong Kong Web3 Festival Propels Asia’s Tech Frontier or a Gateway to Innovation and Development
March 20, 2024
Nyan Heroes Developer 9 Lives Interactive Raises $3M Funding to Support Global Launch of its Web3 Hero Shooter
Opinion Business News Report
Nyan Heroes Developer 9 Lives Interactive Raises $3M Funding to Support Global Launch of its Web3 Hero Shooter
March 14, 2024
Generative AI and Computing Innovations will Reshape Commerce Over the Next Three Years, claims Mastercard
Opinion Technology
Generative AI and Computing Innovations will Reshape Commerce Over the Next Three Years, claims Mastercard
March 1, 2024
How Icertis Leveraged Generative AI Copilots for a $250M Revenue Boost
Opinion Business
How Icertis Leveraged Generative AI Copilots for a $250M Revenue Boost
February 29, 2024
What You
Need to Know

Subscribe To Our Newsletter.
Daily search marketing tidbits for savvy pros.