Although Bitcoin has seen a quantum leap in adoption by institutional investors, legendary investor and Chief Executive of Berkshire Hathaway (NYSE:BRKa), Warren Buffett remains a critic of the world’s largest crypto, and questions its use.
Bitcoin Doesn’t Produce Anything
At the Berkshire Hathaway annual shareholder meeting, Buffett claimed that crypto is not a productive asset and doesn’t produce anything tangible.
In his criticism of Bitcoin, Buffett said, “whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything.”
According to Buffett, apartments can be rented, and farms produce food, but Bitcoin, he asserts, “isn’t going to do anything.”
Buffett Won’t Buy Bitcoin Even at $25
Because Bitcoin doesn’t produce anything, Warren Buffett emphasizes that he wouldn’t never buy the crypto, even if it traded at $25–Bitcoin currently trades north of $38,000. Buffett stated:
“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.”
On the Flipside
- Centibillionaire Elon Musk mocked Warren Buffett, claiming that he attacks Bitcoin “while nakedly shilling diabetes.”
Why You Should Care
While different people hold different opinions about Bitcoin, institutional investment in Bitcoin has been predicted to further increase.