Warren Buffett, Critical of Bitcoin, Faces Ridicule

Warren Buffett, Critical of Bitcoin, Faces Ridicule

Warren Buffett, who is a longtime critic of cryptocurrencies, poked fun at Bitcoin during the Berkshire Hathaway annual shareholder meeting on Saturday. This did not go unnoticed, and the entrepreneur received ridicule in return.

Venture capitalist Marc Andreessen, who supports cryptocurrencies, recently reacted to crypto critic Warren Buffett. The entrepreneur, mocking Bitcoin, furnished his desk with promotional products, in the form of boxes of See's Candies, which did not go unnoticed. “It's so wild he says this stuff while nakedly shilling diabetes,” Andreessen tweeted.

Tesla CEO Elon Musk, who is also a supporter of cryptocurrencies, also added a reflection. In response to Andreessen's tweet, he wrote: “Haha he says ‘Bitcoin’ so many times.” Of all the cryptocurrencies, Musk is the most supportive of Dogecoin and does not give a clear preference to others, including Bitcoin.

Buffett and his right-hand man, Berkshire Hathaway Vice Chairman Charlie Munger, used the company's annual shareholder meeting on Saturday to ridicule Bitcoin and cryptocurrencies yet again. “Whether [the Bitcoin price] goes up or down in the next year, or five or 10 years, I don't know,” said Buffett, explaining his long dislike of Bitcoin due to it not producing anything tangible—unlike businesses or property, Forbes noted.

“If you told me you own 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'd have to sell it back to you one way or another. It isn't going to do anything,” continued Buffett.

Munger also felt the need to speak negatively about Bitcoin, saying “in my life, I try to avoid things that are stupid and evil and make me look bad...and Bitcoin does all three."

While Buffett and Munger continue to lose opportunities in the booming world of cryptocurrencies, ridiculing them, other famous rich people continue to accumulate Bitcoin. Mexican billionaire and Bitcoin bull Ricardo Salinas, whose portfolio consists of 60% “Bitcoin and Bitcoin equities,” said in a recent interview with Scott Melker that Bitcoin is the most reliable store of value.

“Here's the deal - It's easy to manipulate gold. Just think, the gold price is fixed in London… Look what happened with the London Metal Exchange with nickel the other month. I mean, the whole thing is a fraud across the board.

“Bitcoin doesn't have the gold problems. You don't have to carry it around. You don't have to store it around. And most important, it's very hard to manipulate the price. Because there are so many places where you can trade it 24 hours a day, all over the world. Not like gold, right.

“In my family, or my father and my grandfather, we have always been gold bugs. And we thought that the solution to fiat was gold. And we were sort of betting on that all the time. And it did help. In some moments, it helped a lot…

“Gold has all these problems and when I found out about Bitcoin, well now this changed everything because Bitcoin doesn’t have the gold problems.”

© 2022, Eva Fox | Tesmanian. All rights reserved.


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Article edited by @SmokeyShorts, you can follow him on Twitter

About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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