Warren Buffett won’t pay $ 25 for all bitcoins in the world – Charlie Munger calls BTC “stupid and evil” – Featured Bitcoin news

Warren Buffett won’t pay $ 25 for all bitcoins in the world – Charlie Munger calls BTC “stupid and evil” – Featured Bitcoin news

Berkshire Hathaway CEO Warren Buffett says he won’t buy all the bitcoin in the world for $ 25. Meanwhile, his longtime business partner and right-hand man, Charlie Munger, says bitcoin is stupid and evil, noting that it looks bad because of cryptocurrency.

Warren Buffett explains why he won’t buy Bitcoin

Warren Buffett and Charlie Munger discussed bitcoin during Berkshire Hathaway’s annual shareholders meeting on Saturday. Buffett is the CEO of Berkshire and chairman of the board. Munger, often known as his right-hand man, is the company’s vice chairman.

The Omaha prophecy, known for saying that bitcoin is “probably poison for squares rats”, explained in detail why it would not buy BTC. He said:

Whether it will increase or decrease in the next year, or five or 10 years, I don’t know. But one thing I’m pretty sure of is that it doesn’t produce anything … It has magic in it and people have attached magic to many things.

Buffett cited several examples. It would pay $ 25 billion for 1% of interest on all agricultural land in the United States. It would also pay $ 25 billion in 1% interest in all homes in the country. “I would write you a check this afternoon,” he confirmed.

However, when it comes to buying bitcoin, he explained in detail:

If you told me you owned all the bitcoin in the world and offered it to me for $ 25, I wouldn’t take it because what would I do with it? I would have to sell it back to you one way or another. It won’t do anything.

Unlike bitcoin, “apartments will produce rent, and farms will produce food,” he stressed.

The Berkshire chief continued to talk about the US dollar. “In order to have value, property must deliver something to someone. And there is only one currency that is accepted. You can think of all sorts of things – we can put Berkshire coins … but in the end, this is money, ”he added, holding a $ 20 bill. “And there’s no reason in the world why the United States government … will allow Berkshire’s money to replace theirs.”

Buffett, however, invest in the digital bank Nubank adapted to bitcoins, which offers BTC investments.

Charlie Munger says Bitcoin is stupid, evil and looks stupid

Munger also reiterated his sharp stance on bitcoin on Saturday. The Vice President of Berkshire shared:

In my life, I try to avoid things that are stupid and evil and that make me look bad compared to someone else – and bitcoin does all three.

“In the first place, it’s stupid because it’s still likely to go to zero,” Munger continued. “It’s evil because it undermines the Federal Reserve system … and thirdly, it makes us look stupid compared to the communist leader in China. He was smart enough to ban bitcoin in China. ”

The Berkshire Vice President also mentioned bitcoin in response to the question of which individual investment money should be invested in as protection against high inflation. He said:

When you have your own retirement account and your friendly advisor suggests you invest all your money in bitcoin, just say ‘no’.

Munger has repeatedly criticized bitcoin. In February, he said the government should ban cryptocurrency, calling it “venereal diseases. ” He has praised China has banned cryptocurrencies several times in the past, stating that it wants cryptocurrencies to never be invented. In May last year, he he said that bitcoin was “disgusting and contrary to the interests of civilization.”

Labels in this story

Berkshire Hathaway, berkshire hathaway bitcoin, Berkshire Hathaway cryptocurrency, Bitcoin, Charlie Munger, Charlie Munger bitcoin, Crypto, cryptocurrency, Warren Buffett, Warren Buffett bitcoin, Warren Buffett crypto

What do you think of Warren Buffett and Charlie Munger’s comments? Let us know in the comments section below.

Warren Buffett won’t pay $ 25 for all bitcoins in the world – Charlie Munger calls BTC “stupid and evil” – Featured Bitcoin news

Kevin Helms

A student of Austrian economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in the security of Bitcoin, open source systems, network effects and the crossroads between economics and cryptography.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by the use or reliance on any of the content, goods or services mentioned in this article.





Source link

Leave a Reply