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Berkshire Hathaway billionaires Warren Buffett and Charlie Munger trashed the most popular cryptocurrency Bitcoin, claiming it has no value and challenges the Federal Reserve System.
During a Berkshire Hathaway annual meeting Saturday, Buffett – who in the past has said Bitcoin is “probably rat poison squared” – explained he doesn’t regard crypto the same as physical cash because it’s speculative and lacks applicability.
“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,” Buffett said. “It’s got a magic to it and people have attached magic to lots of things.”
Buffett went on to claim he wouldn’t buy all of the world’s Bitcoin, about 19 million coins worth nearly $729 billion, for $25, saying he’d rather invest in farmland and real estate.
It’s so wild he says this stuff while nakedly shilling diabetes. pic.twitter.com/k4cy20PVpd
— Marc Andreessen (@pmarca) May 1, 2022
“If you said … for a 1% interest in all the farmland in the United States, pay our group $25 billion, I’ll write you a check this afternoon,” Buffett said. ”[For] $25 billion I now own 1% of the farmland. [If] you offer me 1% of all the apartment houses in the country and you want another $25 billion, I’ll write you a check, it’s very simple. Now if you told me you own all of the Bitcoin in the world and you offered it to me for $25 I wouldn’t take it because 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. The apartments are going to produce rent and the farms are going to produce food.”
The Berkshire CEO next said Bitcoin has no intrinsic value, unlike a $20 fiat bill he presented, saying, “The United States government affects that this became exchangeable for lawful money in the United States.”
“Assets, to have value, have to deliver something to somebody. And there’s only one currency that’s accepted. You can come up with all kinds of things — we can put up Berkshire coins… but in the end, this is money,” he said, holding up a $20 bill. “And there’s no reason in the world why the United States government … is going to let Berkshire money replace theirs.”
Tesla billionaire and Bitcoin enthusiast Elon Musk responded to the negativity by mocking the number of times Buffett, 91, said “Bitcoin.”
Haha he says “Bitcoin” so many times
— Elon Musk (@elonmusk) May 1, 2022
Berkshire Vice Chairman Charlie Munger expressed similar sentiments, claiming Bitcoin threatens to “undermine” the Federal Reserve System and saying he expects Bitcoin to ultimately go down to zero.
“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… In the first place, it’s stupid because it’s still likely to go to zero. It’s evil because it undermines the Federal Reserve System,” he said.
Of course, many would argue the private, run-for-profit Federal Reserve’s unlimited printing of new fiat currency and the sale of said currency to the US government at a high interest rate, coupled with taking the dollar off the gold standard, presents a bigger problem diminishing the value of the world reserve currency.
Munger also praised the Chinese government for banning Bitcoin transactions.
“And third, it makes us look foolish compared to the Communist leader in China. [Chinese dictator Xi Jinping] was smart enough to ban Bitcoin in China.”
Munger last year also praised China’s ruthless authoritarian economic tactics, saying he admired the Communist Chinese regime’s ability to control its economy and keep revolutionaries like Alibaba billionaire Jack Ma from meddling in the nation’s finances.
America’s corporate oligarchs are out of control and must be brought to heel. pic.twitter.com/P6nJ7Q3b1m
— R.J. Kassam (@RaheemKassam) July 1, 2021
Watch a longer clip from the Berkshire meeting below:
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