Warren Buffett REALLY Doesn’t Like Bitcoin

Berkshire Hathaway’s vice chairman Charlie Munger has become even more adamant in his condemnation of bitcoin during the company’s shareholder meeting — describing it as “stupid” and “evil.”

 

Warren Buffett has doubled down on his stance against Bitcoin — and announced that he would not buy all the bitcoins in the world for $25.

 

Speaking at the Berkshire Hathaway Annual Shareholder meeting, the billionaire investor argued that the world’s biggest cryptocurrency doesn’t produce anything tangible.

 

Meanwhile, he said farmland and real estate are assets that actually have value because they generate food and rental income.

 

To laughter from the crowd at Saturday’s event in Omaha, Nebraska, the 91-year-old said:

“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.”

 

Buffett’s remarks come as an increasing number of financial institutions on Wall Street begin to embrace cryptocurrencies for the first time.

 

And while he conceded that “certain things have value that don’t produce something tangible” — like great paintings — he argues Bitcoin isn’t one of them.

 

Brandishing a dollar bill, he also said that anyone who believes that the U.S. government would replace its currency with a private alternative is “out of their mind,” adding:

“Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything. It’s got a magic to it and people have attached magics to lots of things.”

 

Buffett has often riled Bitcoiners with his unflattering descriptions of the world’s biggest cryptocurrency — famously calling it “rat poison squared.”

 

“Stupid” and “Evil”

 

Berkshire Hathaway’s vice chairman Charlie Munger was even more determined to condemn Bitcoin during the shareholder meeting. The 98-year-old said:

“In my life, I try and avoid things that are stupid and evil and make me look bad in comparison to somebody else — and Bitcoin does all three.”

 

Munger says Bitcoin is “stupid” because it may likely eventually go to zero — and “evil” because it undermines the Federal Reserve, adding:

“Third, it makes us look foolish compared to the Communist leader in China. He was smart enough to ban Bitcoin in China.”