Cryptocurrency

Warren Buffett Says He Wouldn’t Buy All the Bitcoin in the World for Even $25 USD

Some analysts have said that his view on the cryptocurrency may be overly rigid.

Cryptocurrency

Warren Buffett Says He Wouldn’t Buy All the Bitcoin in the World for Even $25 USD

Some analysts have said that his view on the cryptocurrency may be overly rigid.

At the most recent Berkshire Hathaway Annual Shareholder meeting Saturday, April 30, Warren Buffett reiterated his skepticism toward Bitcoin. The billionaire, who made his fortune through investments, said: “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.”

He added that if all of the attendees at the convention owned “all of the farmland in the United States” and offered it to him at a 1% interest, he would immediately write them a check for $25 billion USD for it, considering it “a bargain price.” Meanwhile, he expressed distaste for Bitcoin, saying that the opposite holds true. “I wouldn’t take it because what would I do with it? I have to sell it back to you one way or another,” he said. “It isn’t going to do anything.”

In regards to the statement, CNBC analyst Hugh Son said that he understands Buffet likes productive assets like farmland and dividends, but that he may have an overly rigid view of cryptocurrency. Son also points out that this philosophy is also likely linked to Buffett’s large cash reserves, which sit at over $100 billion USD.

Billionaire supporters, like Michael Saylor and Jack Dorsey, are defending Bitcoin (BTC) and its mining. The industry leaders challenged House Democrats this week on their plea to the environmental protection agency to investigate the environmental impact of BTC mining. In its defense, the letter states that over 58% of all mining now uses sustainable energy, according to the most recent estimates from a Bitcoin Mining Council survey.

In other crypto news, Goldman Sachs offered its first bitcoin-backed loan.

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