Legendary investor Warren Buffett is calling out those who think that the US government will allow Bitcoin and crypto assets to proliferate as new forms of money.
During the Berkshire Hathaway Annual Shareholder meeting on Saturday, Buffett says that he wouldn’t take all the Bitcoin in the world, even if it was offered to him for $25.
“If all the people in this room owned all of the farmland in the United States and you offered me a 1% interest in it and you said from 1% interest in all the farmland in the United States, pay our group a bargain price of $25 billion, I’ll write you a check this afternoon, $25 billion. Now I own 1% of the farmland.
If you tell me you own 1% of the apartment houses in the United States and you offer me a 1% interest so I’ll have 1% of all the apartment houses in the country and you want another $25 billion or something, I’ll write you a check. It’s very simple.
Now if you told me you owned all of the Bitcoin in the world and you offered it to me for $25, I wouldn’t take it because what would I do with it? I have to sell it back to you one way or another… It isn’t going to do anything. The apartments are going to produce rental and the farms are going to produce food and if I’ve got all the Bitcoin, I’m back where whatever his name was who may or may not have existed. If I’ve got it all, he could create a mystery about it, but everybody knows what I’m like.
People will say why should I buy some Bitcoin from you? Why don’t you call it Buffett Coin, make your own or do something?… You’d be right incidentally but that explains the difference between productive assets and something that depends on the next guy paying you more than the last guy got.”
From Buffett’s point of view, fiat money is the only real type of money, and those who think cryptocurrency can rival it are misguided.
“There’s only one currency that’s acceptable… Come up with all kinds of things. We can put out Berkshire coins or we put up Berkshire money or anything like that, but we get in trouble, I guess, if we call it money.
[USD] is the only thing that’s money and anybody that thinks the United States is going to change the way they let Berkshire money replace theirs, are out of their mind.”
In a recent interview, CNBC analyst Hugh Son said that while he understands the Oracle of Omaha’s investment philosophy, he thinks it’s becoming “overly rigid” when it comes to crypto.
“He likes productive assets. He likes farmland, he likes equities with dividends, that type of thing. On the other hand, he holds more than $100 billion in cash, and when it comes to money, he only thinks green paper is money, so his rigid worldview is no surprise to anybody…
The US is not going to pull a China and ban Crypto and ban Bitcoin and so I would argue that their view on crypto is overly rigid at this point in the game.”
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