Crypto skeptic and billionaire Warren Buffett, the CEO and Chairman of Berkshire Hathaway again revealed that his stance on cryptocurrencies hasn’t changed an iota.
“Cryptocurrencies basically have no value and they don’t produce anything,” said Buffett before continuing that they don’t deliver or do anything. Crypto is just hoping that somebody comes along to pay more money than you bought it for, he said.
But the thing is, “In terms of value: Zero,” said Buffett.
All of this has been despite Tron founder Justin Sun having a $4.6 million dinner with him — that he won last year in a charity auction and finally went on to earlier this month — and gifting him Bitcoin, TRX, and BTT.
However, “I don’t have any cryptocurrency and I never will,” said Buffett.
About his dinner with Sun, Buffett said, “When Justin and four friends came, they behaved perfectly and we had a very friendly three and a half hour dinner and the whole thing was a very friendly exchange of ideas.”
However, he said Sun didn’t change his views on cryptocurrencies.
“$5m of retail bag-holders money well spent,” commented analyst Bob Loukas.
Buffett rather joked about creating his own “Warren currency” but eventually went to talk about that today Bitcoin is majorly used to move a fair amount of money illegally.
Why are we asking him again?
The long time bitcoin critic called the world’s leading cryptocurrency a “rat poison squared” in 2018. Previously, he had used words like “mirage,” “tulips,” and “not a currency,” to describe Bitcoin. Even Charlie Munger Berkshire Vice Chairman had called Bitcoin a “turd.”
“Why do people keep asking an 89 year old value investor worth almost $100B about his views on a revolutionary new money system that will take decades to play out. Secondly, why do people get so triggered by his response?” commented analyst Ceteris Paribus.