https://www.cnbc.com/2022/04/30/war...ion-for-why-he-doesnt-believe-in-bitcoin.html 2022 Berkshire Annual Meeting Published Sat, Apr 30 2022 Tanaya Macheel If you offered me all the bitcoin in the world for $25, I wouldn’t take it, says Warren Buffett Bitcoin has steadily been gaining acceptance from the traditional finance and investment world in recent years but Warren Buffett is sticking to his skeptical stance on bitcoin. He said at the Berkshire Hathaway Annual Shareholder meeting Saturday that it’s not a productive asset and it doesn’t produce anything tangible. Despite a shift in public perception about the cryptocurrency, Buffett still wouldn’t buy it. “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,” Buffett said. “It’s got a magic to it and people have attached magics to lots of things.” Even bitcoin enthusiasts tend to regard the cryptocurrency as a passive asset that investors buy and hold and hope to see increase in price over a long period. Buffet himself commented that there’s “nobody” that’s short on bitcoin, everyone is a long-term holder. For more sophisticated crypto investors, some coins offer a way for them to use their crypto productively — either through lending, or as collateral — to create additional portfolio benefits. However, they’re still young, highly speculative and haven’t broken into the mainstream like bitcoin. Buffett elaborated on why he doesn’t see value in bitcoin, comparing it to things that generate other types of value. “If you said… for a 1% interest in all the farmland in the United States, pay our group $25 billion, I’ll write you a check this afternoon,” Buffett said. ”[For] $25 billion I now own 1% of the farmland. [If] you offer me 1% of all the apartment houses in the country and you want another $25 billion, I’ll write you a check, it’s very simple. 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. It isn’t going to do anything. The apartments are going to produce rent and the farms are going to produce food.” Investors for years have been puzzled over how to value bitcoin in part because of its potential to serve different functions. In Western markets it has been established as an investment asset, particularly in the past year as rates and inflation have been on the rise. In other markets, people still see enormous potential for its use as digital cash. “Assets, to have value, have to deliver something to somebody. And there’s only one currency that’s accepted. You can come up with all kinds of things — we can put up Berkshire coins... but in the end, this is money,” he said, holding up a $20 bill. “And there’s no reason in the world why the United States government… is going to let Berkshire money replace theirs.” Both Buffett and Charlie Munger have made hostile comments toward bitcoin in the past. Most famously, Buffett said bitcoin is “probably rat poison squared.” Munger doubled down on that sentiment Saturday. “In my life, I try and avoid things that are stupid and evil and make me look bad in comparison to somebody else – and bitcoin does all three,” Munger said. “In the first place, it’s stupid because it’s still likely to go to zero. It’s evil because it undermines the Federal Reserve System... and third, it makes us look foolish compared to the Communist leader in China. He was smart enough to ban bitcoin in China.”
Given the current market cap, it might take years, if not, decades, for the global fools to absorb that vol & then the music stops. 3 unknown parties, that shares 80% of BTC ends up with few-free $Trillion, price manip ends up, garbage crashes & fools are left holding an empty bag. Retail lost $1B during covi & that was something. To absorb 1000x~3000x, - might take some time. Forgot who shared the article recently : https://www.bloomberg.com/news/arti...-billion-dollar-bath-trading-pandemic-options
Not in your lifetime, buddy. Yeah, when it comes out "who the guy is behind bitcoin it will go to zero." Hey, I'm an old fart, but even I am not that stupid to think that.
So, why doesn't Dan Pena just place SHORTS on it and then come out and tell us who it is since he knows him? Then he can get a trillion bucks easy because it will hit 0... Why not? Why doesn't he tells us who it is? Hmmm!!!!!
Because you cannot take a guy who wears a zoot suit in the 21st century seriously. He's a washed up hack who is riding his own coattails.
At writing BTC price is selling for $38016 His stupidity is probably the only man who would refuse that offer.
To be fair to buffet, I'm sure he knows a lot more about financials than all of us put together. However, some people just couldn't see the 'motorized' horse-carriage replacing the former... When you've spent ALMOST an entire century in fiat, it can be hard for some to think outside of that box. That said, 98% of crypto did fail spectacularly... this is what happens when people try to speculate out the blue-chip cryptos.
And this right here is the golden nugget. Buffet is of course very happy with the old way of doing things. The old way certainly doesn't serve the most people nearly as well as the ones on the very top. Its not surprising that a person who has everything doesn't want anything to change. If you ask smart people "what is the best way to bring equality to the most people", I am sure that somewhere in there would be a phrase along the lines of "get the government out of the business of manipulating money". When you are benefiting from any type of manipulation, of course you don't want that manipulation to stop. I don't see what Bitcoin has to produce. The fact that it doesn't produce anything is a benefit. It only has one purpose really, a store of value. Look at housing. It used to be for providing a roof over people's heads. Now its used as a store of value, inflation hedge, income stream, and along with this has caused homelessness, inequality, money laundering, and the list goes on. Housing was much better when it did only one thing. Considering how closely Buffet is tied to the government politics, I don't expect him to praise Bitcoin. But its very obvious to me that he isn't trying to make the world a better place for the majority, but rather just for his inner circle.