Tuesday , 16 April 2024

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

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