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Warren Buffett says he wouldn't pay $25 for all the bitcoin in the world
Posted on 4/30/22 at 6:56 pm
Posted on 4/30/22 at 6:56 pm
quote:
Warren Buffett and Charlie Munger opened fire at bitcoin and the broader cryptocurrency industry during Berkshire Hathaway's annual shareholder meeting on Saturday.
"If you told me you owned all the bitcoin in the world and you offered it to me for $25, I wouldn't take it," Buffett said. "What would I do with it?"
In contrast, Buffett said he would buy a portion of the country's farmland, or some of the nation's apartments. He reiterated his view that bitcoin isn't worth anything because it doesn't produce anything, and holders rely on somebody else being willing to pay more for it than they did.
"It's got a magic to it, but people have attached magic to lots of things," Buffett added, comparing bitcoin to an insurance company pitching itself as a technological marvel.
Munger, Buffett's longtime business partner, spoke even more harshly about the most valuable cryptocurrency.
"In my life, I try and avoid things that are stupid, evil, and make me look bad in comparison to someone else," Munger said. "Bitcoin does all three."
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Posted on 4/30/22 at 6:58 pm to rickgrimes
The old billionaire version of get of my lawn
Get off my economy
Get off my economy
Posted on 4/30/22 at 7:01 pm to rickgrimes
quote:
"In my life, I try and avoid things that are stupid, evil, and make me look bad in comparison to someone else," Munger said. "Bitcoin does all three."
Posted on 4/30/22 at 7:02 pm to rickgrimes
Easy to say when you're worth over 100 billion.
Lol btc is evil. Ok
Lol btc is evil. Ok
Posted on 4/30/22 at 7:04 pm to rickgrimes
quote:Technically, that’s all money.
He reiterated his view that bitcoin isn't worth anything because it doesn't produce anything, and holders rely on somebody else being willing to pay more for it than they did.
It exists and functions solely because we accept it as a concept.
The US dollar has value because of what people deem it’s worth to be, not because it produces something.
Buffett is trying to describe it as something it isn’t. Bitcoin isn’t going to “produce” anything.
Posted on 4/30/22 at 7:05 pm to rickgrimes
Lol rich people
Posted on 4/30/22 at 7:06 pm to rickgrimes
Right. The future of the world is digital.
This is literally an old man screaming at the clouds.
This is literally an old man screaming at the clouds.
Posted on 4/30/22 at 7:08 pm to Scruffy
quote:
Technically, that’s all money.
Exactly. What is a credit card if we don't accept the value of money in its most basic sense
Posted on 4/30/22 at 7:09 pm to rickgrimes
Warren Buffett is a little overrated and his take on Bitcoin blows arse. Sour grapes since he missed out on the money that has been made so far.
Posted on 4/30/22 at 7:10 pm to rickgrimes
quote:
bitcoin isn't worth anything because it doesn't produce anything
What does Twitter produce?
Posted on 4/30/22 at 7:10 pm to Jones
every bitcoin guy I know is a dumbass
Posted on 4/30/22 at 7:11 pm to rickgrimes
Not entirely correct. Art Basel in Miami last year was entirely dedicated to NFT and crypto BS. Probably produced a few billion in revenue. Also it was the silliest thing I’ve ever encountered in my existence on this planet.
Posted on 4/30/22 at 7:12 pm to Scruffy
quote:
Buffett is trying to describe it as something it isn’t. Bitcoin isn’t going to “produce” anything.
Crypto is an investment now, coins not unlike stock in companies that get people to buy silly pictures of a cat with a sailor hat on for 250 bucks.
Posted on 4/30/22 at 7:12 pm to JetsetNuggs
quote:
The old billionaire version of get of my lawn
Get off my economy
You can laugh at him but he isn't wrong. Sure you can make money off it but sooner or later someone will be left holding the bag that will be totally worthless. The thing about investing in real physical stuff is that even if it does crash it will bounce back at some point bitcoin won't.
Posted on 4/30/22 at 7:13 pm to rickgrimes
Warren doesn't care because money means nothing to him personally but in the end something is worth what someone else will pay you for it which makes him a moron on this.
This post was edited on 4/30/22 at 7:13 pm
Posted on 4/30/22 at 7:13 pm to Ponchy Tiger
quote:
The thing about investing in real physical stuff is that even if it does crash it will bounce back at some point bitcoin won't.
Posted on 4/30/22 at 7:15 pm to Ponchy Tiger
quote:
The thing about investing in real physical stuff is that even if it does crash it will bounce back at some point bitcoin won't
When you invest in a company that goes bankrupt you get nothing.
And for the record the smartest person I know was a speaker at the Crypto Miami conference a couple weeks ago. I have invested a bit into it but am diversified. if it goes up another 200,000% or whatever i'll be well off forever
Posted on 4/30/22 at 7:18 pm to rickgrimes
BTC has an identity crisis, is it a currency or is it an investment?
At this point, it is still far too volatile to be an acceptable currency for the majority of people.
Most people I know who have bought BTC bought it as an "investment". However, if you look at it through an investment lens the fundamentals are shite, to the point only a moron would buy it. The upward trajectory depends on other morons being willing to pay more for it than you paid.
There is zero question people have made money with BTC some a ton of money. But I just don't see it making sense to put money into it. That being said I don't really seek high risk high return anymore I am at the slow growth maintain level in my investing time line. Even when I was looking for the 10x or the 100x unicorn I wanted more than just the likelihood someone else would overlook the fundamentals and pay me more money than I spent.
At this point, it is still far too volatile to be an acceptable currency for the majority of people.
Most people I know who have bought BTC bought it as an "investment". However, if you look at it through an investment lens the fundamentals are shite, to the point only a moron would buy it. The upward trajectory depends on other morons being willing to pay more for it than you paid.
There is zero question people have made money with BTC some a ton of money. But I just don't see it making sense to put money into it. That being said I don't really seek high risk high return anymore I am at the slow growth maintain level in my investing time line. Even when I was looking for the 10x or the 100x unicorn I wanted more than just the likelihood someone else would overlook the fundamentals and pay me more money than I spent.
Posted on 4/30/22 at 7:19 pm to Obtuse1
quote:
The upward trajectory depends on other morons being willing to pay more for it than you paid.
Isn't this how the stock market grows?
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