- Warren Buffett recently said if he was offered all of the Bitcoin in the world for $25 he would turn it down.
- The fourth richest person in the world has long believed and stated that cryptocurrency is basically worthless.
- Read more news about cryptocurrency here.
If you had invested $1,000 with Warren Buffett’s company Berkshire Hathaway in the 1960s it would be worth somewhere in the neighborhood of $17 million today. It’s a really nice neighborhood.
If you were to have annually invested $1,000 in Berkshire every year since 1964, your investment now would be worth around $131 million, give or take a few mill.
Which means that Warren Buffett, the fourth richest person in the world with a net worth of around $2.9 billion, knows a good investment when he see it.
This past Saturday, at the Berkshire Hathaway annual shareholder meeting, Buffett once again made it very clear that cryptocurrency like Bitcoin is not on his list of good investment opportunities. In fact, back in 2018, Buffett called Bitcoin “rat poison” and Berkshire Hathaway’s vice chairman Charlie Munger likened investing in cryptocurrencies as “somebody else is trading turds and you decide you can’t be left out.”
“If the people in this room owned all of the farmland in the United States and you offered me a one percent interest in it and you said for one percent interest, pay our group, let’s see, say it’s bargain priced, $25 billion. I’ll write you a check this afternoon,” he said then moving on to apply the same scenario to one percent of all the apartment buildings in the United States.
“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. Maybe it’d be the same people, but it isn’t going to do anything.
“The apartments are going to produce rental and the farms are going to produce food. And if I’ve got all the Bitcoin I’m back where whatever his name was [Satoshi Nakamoto, the creator of Bitcoin], who may or may not have existed 15 years ago.”
Buffett went to express how that’s the difference between “productive assets” like farmland or apartment buildings and “something that depends on the next guy paying you more than the last guy got.”
He did admit there are “certain things have value that don’t produce something tangible. I mean, you can say a great painting probably will have some value 500 years from now.
“But assets, to have value, they have to deliver something to somebody and there’s only one currency. You can come up with all kinds of things. We can put up Berkshire coins, or Berkshire money [fictional cryptocurrency], but in the end this is money [holds up a $20 bill]. This is the only thing that’s money. Anybody who thinks the United States is going to change the way they let Berkshire money replace theirs is out of their mind.”
Crypto folks were not very happy with Warren Buffett’s take on their investments.
It’s sad to see him rambling on about a suubject he clearly does not understand. That’s why the future ALLWAYS belong to the young and not the OLD. https://t.co/2L5Lc8zHjE
— Ricardo Salinas Pliego (@RicardoBSalinas) May 1, 2022
Haha he says “Bitcoin” so many times
— Elon Musk (@elonmusk) May 1, 2022
— shutterblock.eth 📸💥⚡️ (@_crypto_mastery) May 3, 2022
That’s because he’s saving up his cash for NFTs! 😂
— Derek Trulious (@DerekTru) May 3, 2022