Buffett & Bitcoin: 10 Memorable Views

…Warren Buffett has been a vocal critic of Bitcoin in recent years, repeatedly dismissing the cryptocurrency as worthless and a risky, speculative asset. Here are 10 of his best quotes about Bitcoin and crypto, paraphrased for brevity and clarity:

By Lorimer Wilson, Managing Editor of munKNEE.co – Your KEY To Making Money!

1. Cryptocurrencies have no value. What you hope is that somebody comes along [i.e. a ‘greater fool‘] and pays you more money for them later on, but then that person’s got the problem. – CNBC, February 2020
2. It’s ingenious and blockchain is important but Bitcoin has no unique value at all. It’s a delusion basically. – CNBC, February 2019
3. It’s a mirage basically. It’s a very effective way of transmitting money and you can do it anonymously and all that but a check is a way of transmitting money too but are checks worth a whole lot of money just because they can transmit money? The idea that it has some huge intrinsic value is just a joke in my view. – CNBC, March 2014.
4. In terms of cryptocurrencies generally, I can say almost with certainty that they will come to a bad ending. If I could buy a five-year put on every one of the cryptocurrencies, I’d be glad to do it, but I would never short a dime’s worth. – CNBC, January 2018
5. It’s not a currency, it’s not a durable means of exchange, it’s not a store of value. I wouldn’t be surprised if it’s not around in 10 or 20 years. – CNBC, March 2014
6. You’re going to be a lot better off owning productive assets over the next 50 years than you will be owning pieces of paper or Bitcoin. – CNBC, March 2014
7. Why in the world should I take a long or short position in something I don’t know anything about? We just have to focus on 8 or 10 stocks. – CNBC, January 2018
8. It draws in a lot of charlatans. It’s something where people who are of less than stellar character see an opportunity to clip people who are trying to get rich because their neighbor’s getting rich buying this stuff that neither one of them understands. It will come to a bad ending.- 2018 shareholder meeting
9. I don’t own any cryptocurrency and I never will. You can’t do anything with it except sell it to somebody else. – CNBC, February 2020
10. We don’t own any, we’re not short any. We’ll never have a position in them. – CNBC, January 2018

A Few Last Words: 

• Click the “Like” button at the top of the page if you found this article a worthwhile read as this will help us provide more articles of interest to you.
• Comment below to share your opinion or perspective with other readers and possibly exchange views with them.
• Register to receive our free Market Intelligence Report newsletter  (sample here) in the top right hand corner of this page.
• Join us on Facebook to be automatically advised of the latest articles posted and to comment on any of them.

munKNEE should be in everybody’s inbox and MONEY in everybody’s wallet!

 

 

Related Articles from the munKNEE Vault:

1. How Much, If Anything, Should You Allocate To Bitcoin In Your Portfolio?

A lot of people think cryptos are in a big bubble. They’re some of the most volatile asset markets have ever seen and, with so many different types of cryptos out there, it can be hard to know how much of your portfolio you should allocate to any one of them so today, I’m clearing up the confusion.

2. Use This Chart to Time Your Investment In Bitcoin

We can expect bitcoin to begin to trade along other typical stock market patterns, like seasonality, next year, and this chart will be one I use to time any investments into it.

3. Here Are All The Ways You Can Buy, Trade, and Invest In Bitcoin (+2K Views)

Trading bitcoin may still not be as simple as trading most stocks, but it has made huge strides toward becoming a mainstream investment in 2017. Here’s a look at all the ways traders can play bitcoin and what may be coming next.

4. Bitcoin: Answers To 7 Questions You Were Too Embarrassed To Ask (+2K Views)

While almost everyone has heard of Bitcoin at this point, many people are fuzzy on the details: what is a bitcoin, exactly? How do I buy some? What would I use it for? Here are the answers to those and a few other questions you were afraid to ask.

8. 5 Reasons Why Bitcoin Will Reach $20,000 Soon-ish & $50,00 and then $100,000 Eventually

Believe it or not, there is a bull case for Bitcoin and cryptocurrency that comes down to one thing; blockchain technology has utility and where there is utility there are opportunities. The cryptocurrency market has awakened after a long hibernation. The question now, of course, is how high can Bitcoin’s price go?