Warren Buffett Says All the BTC in the World is Not Worth His $25

Amidst all the positive publicity on cryptocurrencies that have stirred its acceptance and adoption, American billionaire and philanthropist, Warren Buffett is still maintaining his loathful stance on Bitcoin (BTC) saying he won’t even trade his $25 for all the bitcoin in the world.

Sitting as the CEO of the multinational conglomerate, Berkshire Hathaway, Warren Buffett has a net worth of $124.3 billion of which none is domiciled in BTC. He has always expressed his dislike for digital currencies and at some point called it ‘rat poison squared’ warning other investors against it. 

Warren and Charles Munger Slammed BTC

During the Annual Shareholders meeting for Berkshire Hathaway which was held on Saturday, the billionaire investor reiterated that bitcoin is not a high-yielding asset and will only produce intangible results.

Buffett had mentioned that he was not sure of where to invest his money. He judged, holding up a $20 note that while assets need to have a value, there is only one currency that is accepted and cryptocurrency is certainly not that currency. 

Attaching a touch of enchantment to crypto, he says people have a way of attaching magic to a lot of things of which BTC is one of them. His comparisons tended toward purchasing farmlands or investing in real estate in the country instead of investing those funds in cryptocurrencies. 

For Charles Munger, vice president at Berkshire Hathaway and right-hand man to Buffett, bitcoin seems to be something evil and unspeakable. In his own words, “In my life, I try and avoid things that are stupid, evil, and make me look bad in comparison to someone else, Bitcoin does all three.”

He went ahead to explain what he meant by all of these terms saying, BTC is stupid because with time it would amount to nothing, having zero value. He attributed the coin’s idea of degrading the United States Financial system as evil and the ability of China to ban it while the United States accepted it as being foolish.

Munger while displaying his non-advocacy towards crypto, has at one time likened crypto to a sexually transmitted disease (STD). He has commended China for banning it and is encouraging the United States to also place a ban on the premier digital currency.