Buffett hits back at Bitcoin, claiming it ‘produces nothing’


Billionaire investor Warren Buffett has once again criticized Bitcoin, claiming he would not “take” all the BTC in the world for just $25.

The 91-year-old, who has a net worth of around $124 billion, is an avid crypto skeptic who once described Bitcoin as “rat poison squared.” His arguments often revolve around digital assets that offer no tangible value, and the community has taken the opportunity to point out that there are a multitude of use cases and utilities in crypto that Buffett likely hasn’t explored.

Speaking at Berkshire Hathaway’s annual meeting on April 30, Buffett commented on crypto in relation to the increasing mainstream acceptance of the sector. He noted that while he has no idea if BTC’s value will increase in the future, he’s certain that “it’s not producing anything.”

Buffett argued that he’d happily “write a check this afternoon” valued at $25 billion for 1% of all arable land or “apartment houses” in the US, since both produce real benefit, but not even $25 for it Would spend 100% of Bitcoin’s supply:

“Now if you told me that you own all the bitcoins in the world and you offered them to me for $25, I wouldn’t take them because what would I do with them?” I’d have to sell it back to you one way or another. It won’t do anything. The apartments will produce rent and the farms will produce food.”

“To have value, assets must provide something to someone. And only one currency is accepted,” he added.

Well-known crypto advocates poked fun at Buffett’s comments on Twitter over the weekend.

The co-founder of top crypto venture capital firm Andreessen Horowitz (a16z) Marc Andreessen remarked that “it’s so wild that he’s saying this stuff while he’s nakedly flaming with diabetes,” in reference to an ensemble of See’s Candies- Boxes and soda cans on Buffett’s desk during the speech.

In response, Tesla CEO and Twitter owner Elon Musk said, “Haha, he says ‘bitcoin’ so much.” While MicroStrategy CEO Michael Saylor chimed in that “everybody can’t stop talking about bitcoin.”

Related: Top 5 Cryptocurrencies to Watch This Week: BTC, LUNA, NEAR, VET, GMT

Jamie Dimon pays a small compliment to Krypto

One crypto skeptic who is at least softening his stance is JPMorgan CEO Jamie Dimon.

The banker once described Bitcoin as a “scam” and has consistently reiterated that he has no interest in supporting the sector on a personal level, despite JP Morgan clearly warming up to digital assets in recent years.

Speaking to Omaha-based news outlet KMTV 3 on Friday, Dimon noted that while he still doesn’t particularly like crypto and urges caution when investing in it, he “will defend your right to it.”

He also stressed that crypto sometimes fulfills important use cases, especially with regards to cross-border payments:

“Not everything is bad. If you said to me, “I want to send $200 to a friend in a foreign country,” it could take two weeks and cost you $40. You could do it via digital currency and it takes seconds.”