Bitcoin Has a “Zero” Value, According to Warren Buffett
“I don’t know if the price will rise or fall over the next ten years, but one thing is certain: bitcoin did not produce anything, and no matter how much it costs, I wouldn’t buy it because it has no value.” Warren Buffett stated this at Berkshire Hathaway’s annual shareholder meeting.
Every year, Warren Buffett and his partner Charlie Munger appear to share their investment perspectives and to answer questions from shareholders.This year is a little different because Warren Buffett himself has spoken out about “bitcoin.” Unlike Charlie Munger, who frequently despises and criticizes Bitcoin, Warren Buffett’s discussion of Bitcoin appears to be the most obvious and intense for the first time.
Buffett explains this by assuming that if someone sells 1% of all agricultural land in the United States for $25 billion, he will immediately pay for the purchase.
Furthermore, if someone sold another 1% of all homes in the United States for $25 billion, he would pay for it all over again. Nonetheless, if someone offers to sell 100% of all bitcoins in the world for only $25,(At the time of writing, the total market capitalization of Bitcoin is $726 billion.) He’ll start to wonder what he’s going to do with it. He can produce food for agriculture, and he can buy and rent out a home. But with bitcoin, you get everything and can only sell it to other people.
That is why Buffett tells us how much bitcoin will cost and why he did not want to buy it….
Reference : https://www.cnbc.com/2022/04/30/warren-buffett-gives-his-most-expansive-explanation-for-why-he-doesnt-believe-in-bitcoin.html?fbclid=IwAR1JGhIieuFuzey1lXp-zqkSzV0TnKXI4OdbF0iypvbZBmewl6tJ3Kw2iMA
Everyone is entitled to their own opinion including Warren Buffett but for me, if I had enough money to buy 100% of all bitcoins I would do it and then either invest in something else or partially re-sell it
Saying that Bitcoin has no intrinsic value is right, but at the same time what US dollar has to offer, except from all the people agreeing that its widely accepted. I wouldn’t consider Crypto as only a form of investing, rather a new gateway to next-level decentralized finances.