If a man is worth over $100 billion, I’m going to pay attention to what he has to say. Warren Buffett recently shared his opinion about Bitcoin, and the answer might surprise you.
Buffett’s take on the popular cryptocurrency is definitely not popular.
However, the why is just as interesting.
It’s not about the money — it’s about the principle
At a recent Berkshire Hathaway shareholder meeting, Warren Buffett, who has been very publicly skeptical of Bitcoin, expressed his outright opposition to it. Contrary to what you might think, he is not against it because he thinks it is not profitable.
Warren Buffett’s objection to Bitcoin is purely based on the fact it has no intrinsic value.
He continued by providing examples that if you offered him 1% of all the farmland or 1% of all the apartment rentals in the United States for $25 billion, he would write that check — no questions asked.
However, when it came to Bitcoin, Buffett had a different sentiment.
“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. Maybe it’d be the same people, but it isn’t going to do anything.
The apartments are going to produce rental and the farms are going to produce food. And if I’ve got all the Bitcoin…” Buffett mentioned during the meeting.
Warren Buffett doesn’t see Bitcoin as an asset
To sum it all up, Warren Buffett is against investing in Bitcoin because he doesn’t view it as an asset.
“Assets, to have value, they have to deliver something to somebody.”— Warren Buffett on Bitcoin
In the end, I tend to lean on the side of my boy Warren here. I also appreciate him remaining true to his ethics despite an opportunity to make money.
That is such an unappreciated attribute of those who have achieved his level of success.