Warren Buffett and Charlie Munger blast Bitcoin and the broader cryptocurrency industry during Berkshire Hathaway’s annual shareholder meeting held on 30th April 2022. Warren Buffet while answering the question regarding Bitcoin and crypto said that he wouldn’t buy Bitcoin even if he would be offered to buy at 25 dollars per BTC. Because at the end of the day it doesn’t have any utility and What would he do with it? Buffett said.
Rather he would prefer to buy a portion of the country’s farmland, or some of the nation’s apartments, Buffett said. 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.
Buffett says although Bitcoin got a magic to it, but people have attached magic to lots of things.”
Munger, the longtime business partner of Buffett, spoke even more harshly about the most valuable cryptocurrency. He said that he used to avoid three things in his life that are stupid, evil, and make him look bad in comparison to someone else, and “Bitcoin does all three.” He spoke.
The billionaire investors opined that holding bitcoin is “stupid” because they believe it to be worth zero dollars in time. Charlie Munger called the Chinese ruling party smarter than United States’ because they banned it without hesitation ensuring the integrity and stability of their financial system. Watch the words of legendary investors but before that take just a second to smash the like and subscribe button if you haven’t done yet. Enjoy watching!
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