??? lol. So is gold worthless because of fools gold, and silver, and bronze, and copper???? There are only 21M bitcoin available. There is no substitute. A store of value means if you store something you will get your value back at least....maybe factoring in free risk whatever. If you stored your value in bitcoin for the last 10 years versus gold, you would probably have a golden toilet versus having your money go down the toilet.
It's not a wild claim, but he keeps claiming it when he runs out of things to say. Time to show his cards.
If I was a billionaire from traditional finance I wouldnt bother with crypto either.Why reinvent the wheel. The fact is you and I arent worth even a small piece of tyre tread on Warren Buffets wheel. Again,listen to what he(and everyone/anyone)says but make sure youre not making decisions for yourself based on what he does. Also,I can guarantee you that Warren Buffet and co had their 'Bitcoin Moment' in their careers.
See, that's the point. Buffett is the guy who sniffs out value. That's his thing and has always been his thing. He sees what many others do not. The crypto bros are shouting "value" from the rooftops but Buffett doesn't hear any of it. None. He may not always be right, but his steadfastness regarding crypto, against the background of his value approach and his performance over a period of generations, should at least give you pause. And so, I'll take my cue from guys like Buffett on value rather than crypto bros:
Didn't he make the bulk of his money selling insurance on Berkshire? Plus he apparently collected 6B in dividends each year. He was not a trader by any stretch of the imagination...nor did he capitalize on new tech...just stayed the course with what he understood.
He's an investor and never claimed to be anything else, as far as I know. He's in whatever he's in for the long term. He doesn't see crypto as meeting that criteria. You guys are all about HODLing an "asset" he considers to be worthless. He's smarter than you are.
If I wanted to know how to value a blue collar company then I might ask buffet. Other than that he is clueless to TA, and crypto or anything post industrial era. Buffet is a value investor. If he was smart he would have added crypto to his portfolio like Tesla did...but instead he chose to keep hurling insults at it because he couldn't understand it. It just goes to show you, you don't have to be smart to make money in stocks...just staying the course is usually enough.