Berkshire Hathaway CEO Warren Buffet has echoed his stance against Bitcoin. Buffett claims he cannot invest in Bitcoin due to there being no “intrinsic value”.
During this year’s Berkshire Hathaway Shareholder Meeting, Buffett compared Bitcoin to a tested asset such as real estate. He believes that for an asset that doesn’t have tangible returns like rent then there isn’t much utility to the product, stating “one thing I’m pretty sure of is that it doesn’t produce anything.”
The point was bought up that Bitcoin does have utility, being in its payment system. Buffett responded that the dollar still remains the top currency in the world and that there may even be other forms of digital financial assets in the future that overtake Bitcoin.
“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,”
Warren Buffet, Berkshire Hathaway Annual Shareholder Meeting
Along with Buffet, Charlie Munger also holds his stance against Bitcoin. Munger claims that Bitcoin is both ‘evil’, and ‘stupid’, and makes him ‘look bad’.
“In the first place, it’s stupid because it’s still likely to go to zero. It’s evil because it undermines the Federal Reserve System… and third, it makes us look foolish compared to the Communist leader in China. He was smart enough to ban bitcoin in China.”
Charlie Munger, Berkshire Hathaway Annual Shareholder Meeting
