Warren Buffett would not purchase ‘the entire bitcoin on the planet’ for $25: ‘It does not produce something’

It does not seem like legendary investor Warren Buffett shall be including bitcoin to his portfolio any time quickly.

Requested Saturday on the annual Berkshire Hathaway shareholders assembly if he had modified his famously damaging views on bitcoin or crypto, the 91-year-old investor did not mince his phrases.

Buffett started his reply by saying that if all of the attendees within the room owned “all of the farmland in america” or “all of the flats within the nation” and so they provided him a 1% stake for $25 billion, he would write them a test on the spot. However he would not do the identical for bitcoin and its over-$700 billion market cap.

“Should you … owned the entire bitcoin on the planet and also you provided it to me for $25, I would not take it,” Buffett stated. “As a result of what would I do with it? I am going to must promote it again to you a technique or one other. It is not going to do something.”

He described his views on farmland and rental properties versus bitcoin as “the distinction between productive property and one thing that is dependent upon the following man paying you greater than the final man bought.”

“The flats are going to provide lease and the farms are going to provide meals,” he stated. “If I’ve bought all of the bitcoin, I am again wherever [anonymous bitcoin founder Satoshi] was.”

He attributed the attract of bitcoin to a sort of “magic” that pulls traders.

“Whether or not it goes up or down within the subsequent yr or 5 years or 10 years, I do not know. However one factor I am certain of is that it does not multiply, it does not produce something,” he stated. “It is bought a magic to it, and other people have connected magic to numerous issues.”

Buffett has lengthy been in opposition to cryptocurrencies. He instructed CNBC in 2018 that “they may come to a nasty ending” and stated that Berkshire Hathaway will “by no means have a place in them.”

“I get into sufficient hassle with the issues I feel I do know one thing about,” he stated on the time. “Why on the planet ought to I take a protracted or quick place in one thing I do not learn about?”

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