Warren Buffett, chief executive officer of Berkshire Hathaway and cryptocurrency skeptic, thinks that Bitcoin is on par with seashells – that do nothing.
During Buffett’s January 23rd dinner date with Justin Sun, founder of blockchain platform Tron, the billionaire investor explained why he believes Bitcoin is a lousy investment.
“We can plant something and harvest it [but] Bitcoin cannot capture the value of blockchain. Just because something has value doesn’t mean it’s a good investment.”
Buffett says he’d rather buy land than Bitcoin. And he’s satisfied with the US dollar system and the protection people get from stocks and equity – not Bitcoin.
The business magnate, who ranks as the fourth richest person in the world, also assured Sun that any widespread appeal of Bitcoin isn’t likely to grow among younger generations.
“I’m sure my grandson would rather inherit my wealth in US dollars.”
The catch: Bitcoin is only useful for trading and has no practical value, says Buffett, who claims people who buy BTC always end up selling it.
“The US dollar is able to store value, but Bitcoin is not capable of doing so, and therefore it’s not different from a seashell.”
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