Berkshire Hathaway’s globally renowned investor heavily disdains cryptocurrency, as he believes digital money is worth nothing. Warren Buffet – The Oracle of Omaha – is not too shy about giving his thoughts and opinions on this modern way of trading. Calling it “probably rat poison squared,” Buffet seems to be unimpressed of Bitcoin’s growth – even despite the coin starting at $10,500 a pop in October 2020 and is now worth roughly above $60,000.
Buffet is proud to proclaim that he doesn’t own any crypto asset and that he would never dare touch it as he thinks that,
Cryptocurrencies basically have no value and they don’t produce anything…In terms of value: zero.
He dumbs down the technology into a mere “gambling device” that has brought only pain and problems into the world of finance. Buffet pointed out that the lack of regulations inside the system has brought forward only fraudulent activities that led to the losses of many – overall not being able to give anything to the table but only to raise its value.
All of this skepticism comes from a man owning stocks of corporate giants such as American Express, Apple, Bank of America, Coca-Cola, General Motors, Moody’s, Verizon, to name a few. With all these in tow, Warren Buffet had managed to earn roughly $42.5 billion in the past year – and it’s probably very unsurprising to see how he would stand unfazed over some overly-valuable line of code.
Warren Buffet went as far as to even parallel a unit of cryptocurrency to a button on his jacket, in which he believes that if it were to be tokenized, he can easily sell it for $1000 and even double it fast. But the problem still looms – the token’s use stands limiting (singular, if we weren’t to mince words) even if the price of it skyrockets beyond comprehension.