empty
03.05.2022 10:30 AM
Buffett and Munger calls Bitcoin worthless

This image is no longer relevant

During the annual shareholder meeting last weekend, Berkshire Hathaway CEO Warren Buffett and Vice Chairman Charlie Munger had some harsh words about bitcoin. But here's how the crypto world reacted to another blow from legendary investors.

This image is no longer relevant

Buffett provided the most detailed explanation of why he does not like Bitcoin, saying that if he was offered only $ 25 for all bitcoins in the world, he would not buy them even at that price. He replied that he would not know what to do with them as soon as he sold them again. Because he does not know whether bitcoin will rise or fall next year or in 10 years, he only knows that bitcoin does not produce anything.

Adding that he would prefer to own agricultural land or apartments because they can produce food and generate income from rent.

Charlie Munger is even more hostile to cryptocurrency, calling it stupidity and evil, demonstrating three reasons for his negative attitude. The first is that there is a possibility of the cryptocurrency falling to zero. The second is that it undermines the Federal Reserve System. And the third is that by recognizing cryptocurrencies, they look stupid compared to China, which was supposedly smart enough to ban bitcoin in China.

Buffett and Munger are well known for their extreme views on cryptography. In the past, Buffett has called Bitcoin rat poison squared.

However, when Buffett commented on rat poison during the 2018 annual shareholder meeting, bitcoin rose from $ 9,500 to $ 38,808. This growth over the past four years has been 308% per bitcoin.

The latest statements do not show any changes in their views, even though Bitcoin has become very widespread over the past couple of years.Nevertheless, the crypto world has been unwavering because of the views, rejecting comments and almost rejecting those who seem to disagree with their point of view.And Mexican billionaire Ricardo Salinas Pliego tweeted that it's sad to see people talking about a subject they clearly don't understand. Therefore, the future always belongs to the young, not the old.

He later clarified that there is no need to try to sell or promote Bitcoin to people who have already decided that they do not want to participate.Tesla and SpaceX CEO Elon Musk ridiculed Buffett. Drawing attention to the fact that Buffett's reasoning is equivalent to what he would say about diabetes, surrounding himself with boxes of sweets during a speech.

Irina Yanina,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

High Inflation Supports the Pound. GBP/USD Outlook

The UK Consumer Price Index (CPI) rose from 2.6% to 3.5% in April, surprising the market, which had expected an increase to 3.3%. The core CPI also exceeded forecasts

Kuvat Raharjo 18:47 2025-05-21 UTC+2

USD/CAD. Analysis and Forecast

The USD/CAD pair is attracting sellers for the third consecutive day. A break below the 1.3900 level signals increased selling pressure, which could lead to further downside. Rising oil prices—driven

Irina Yanina 18:41 2025-05-21 UTC+2

USD/CHF. Analysis and Forecast

For the third consecutive day, the USD/CHF pair continues to lose ground. The fundamental backdrop suggests that the path of least resistance remains to the downside. The pair has been

Irina Yanina 18:38 2025-05-21 UTC+2

GBP/JPY. Analysis and Forecast

Following the release of UK consumer inflation data, which came in above expectations, the GBP/JPY pair slightly pared back its intraday losses. However, it failed to attract significant buying interest

Irina Yanina 11:25 2025-05-21 UTC+2

Will Global Central Banks Continue to Cut Interest Rates? (Bitcoin May Resume Growth and USD/JPY May Decline)

Among the economically developed nations—those that belong to the Western wing of the global economy—there is an important rule: a target of 2% inflation, specifically consumer inflation. Achieving this target

Pati Gani 09:46 2025-05-21 UTC+2

Market: Do or Die!

Markets can remain irrational longer than you can remain solvent. The S&P 500 rally from the April lows—adding $8.6 trillion in market cap—often appeared irrational. Investors ignored the Federal Reserve's

Marek Petkovich 08:23 2025-05-21 UTC+2

GBP/USD Overview – May 21: The Rollercoaster Continues

On Tuesday, the GBP/USD currency pair declined, unlike on Monday. While the euro's movement required searching for reasons behind the dollar's drop, the technical picture for the pound is straightforward

Paolo Greco 07:46 2025-05-21 UTC+2

EUR/USD Overview – May 21: The Theater of Chaos and Absurdity Continues

The EUR/USD currency pair moved sluggishly on Tuesday, which was not surprising given the absence of news. Monday didn't bring much in the way of important news either

Paolo Greco 07:46 2025-05-21 UTC+2

What to Pay Attention to on May 21? A Breakdown of Fundamental Events for Beginners

Very few macroeconomic events are scheduled for Wednesday. However, the UK inflation report holds significant importance for the market, or rather, used to . As we can see, traders continue

Paolo Greco 06:45 2025-05-21 UTC+2

The Fed Maintains a Wait-and-See Approach

The market expects active measures from the U.S. central bank, while Donald Trump keeps demanding that Jerome Powell cut interest rates. It's worth noting that Powell cannot make such decisions

Chin Zhao 00:41 2025-05-21 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.