Published , by Donovan Erskine
Published , by Donovan Erskine
It was at the recent Berkshire Hathaway shareholders meeting that CEO Warren Buffett was asked about his stance on Bitcoin. While Buffett has made himself a clear opposer of the cryptocurrency in the past, inquiring minds were curious as to whether or not that opinion had changed as of recent. However, Buffett reaffirmed his position on the matter, going as far to say that he wouldn’t buy all of the Bitcoin in the world for $25 dollars if given the opportunity.
During the recent Berkshire Hathaway shareholders meeting, Warren Buffett spoke to the merit of Bitcoin after he was questioned about it by an attendee.“If the people in this room owned all the farmland in the United States, and you offered me a 1 percent interest in it [for $25 billion] I’d write you a check this afternoon.” He went on to give a similar hypothetical for apartment housing. “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’ll have to sell it back to you one way or another. It isn’t going to do anything.”
Buffett’s makes it very clear where he stands on Bitcoin. His point also echoes some of the key criticisms held by naysayers of not just Bitcoin but cryptocurrency as a whole. Similar arguments could likely be made towards NFTs and blockchain technology as well.
It’s fascinating for such an influential investor to hold such an opinion towards Bitcoin, despite the sharp increase in value it’s seen in recent years as well as the boosted public interest in crypto trading. As for the things his company is actually investing in, Berkshire Hathaway recently raised its stake in Activision Blizzard from 2 to 9.5 percent.