Billionaire investor Warren Buffett has again criticized cryptocurrency Bitcoin, saying he wouldn’t buy all of it for $25.
Speaking at the Berkshire Hathaway annual shareholder meeting on Saturday (30 April) in Omaha, Nebraska, Buffett said: “If you offered me all 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 would have to sell it back to you one way or another.
“It isn’t going to do anything,” he said.
Buffett and vice chairman of Berkshire Hathaway, Charles Munger have been constant sceptics of cryptocurrencies, with Munger calling it a ‘noxious poison’, noted Bloomberg. And the pair aired their deep criticism again on Saturday, with Buffett noting that he’d rather own lots of farmland or apartments – what he calls productive assets – than Bitcoin.
Fellow billionaire, Elon Musk, who has crypto holdings and who is trying to purchase Twitter, took to the social media platform to share his views on Buffett’s comments.
It’s so wild he says this stuff while nakedly shilling diabetes. pic.twitter.com/k4cy20PVpd
— Marc Andreessen (@pmarca) May 1, 2022
Coinbase chief executive Brian Armstrong, meanwhile, said that within a decade, 1 billion people will have used or tried crypto, up from about 200 million currently.
“My guess is that in 10-20 years, we’ll see a substantial portion of GDP happening in the crypto economy,” Armstrong said, speaking at a session with ARK Investment Management LLC CEO Cathie Wood.
His comments come at a time of turbulence in crypto markets. After hitting an all-time high of almost $69,000 in November, Bitcoin has been falling in value. The world’s biggest cryptocurrency is down about 17% since the beginning of the year, Bloomberg reported.
Regulatory uncertainty in the US continues to impede crypto’s advance, Wood said. Regulatory clarity in crypto has been happening at a much slower pace than with the internet, she said.
At the same time, “it’s been harder and harder to meet a true crypto sceptic in DC,” Armstrong said, adding that about 50% or more people in Washington are pro-crypto now.
Buffett confirmed last year that Greg Abel, the vice-chairman in charge of non-insurance operations, was the top candidate to succeed him when he steps down as chief executive officer. Abel, alongside fellow vice-chairman Ajit Jain, joined Buffett, 91, and longtime business partner Charlie Munger, 98, on stage for a portion of the meeting.
Still, Buffett gave no indication that he was planning to cede his post anytime soon, and his appearance on stage reassured some investors about his ability to keep pace with the job, Bloomberg reported.