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?”
“Whether [Bitcoin] goes up or down in the next year, or five or ten years, I don’t know,” Buffett said. “But the one thing I’m pretty sure of is that it doesn’t produce anything.”
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.
“The apartments are going to produce rent, and the farms are going to produce food […], And there’s only one currency that’s accepted,” said the Berkshire Hathaway chief.
Meanwhile, Buffett’s business partner Charlie Munger added more harsh words for Bitcoin on Saturday. “In my life, I try and avoid things that are stupid and evil and make me look bad in comparison to somebody else—and Bitcoin does all three,” Munger said.
Explaining his stance, Munger said Bitcoin “is stupid because it’s still likely to go to zero” and is “evil because it undermines the Federal Reserve System.”
“And third, it makes us look foolish compared to the Communist leader in China. He was smart enough to ban Bitcoin in China,” concluded Munger.
Tesla and SpaceX chief Elon Musk responded: “Haha he says Bitcoin so many times.”
According to CoinNews: “The value of Bitcoin comes from the power of the shared infrastructure, zero-knowledge proofs, decentralized consensus mechanisms, apolitical control, and its ability to integrate with the digital future of humanity. The use of paper money is declining as services such as Apple Pay and other contactless payments become more convenient. In a web3 world, crypto payments are likely to be even more convenient, and paper cash will be obsolete in many aspects”.