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Buffett strikes back at Bitcoin, claiming it ‘produces nothing’




Billionaire investor Warren Buffett has once again slammed Bitcoin (BTC), claiming he “would not take” the entire BTC in the world for just $ 25.

The 91-year-old, with a net worth of around $ 124 billion, is an avid crypto-skeptic who once called Bitcoin a “square rat poison”. His arguments often stem from digital assets that provide no tangible value, and society has been quick to point out on this occasion that there are a myriad of uses and utility in crypto that Buffett has probably not investigated.

In a speech at Berkshire Hathaway’s annual shareholders̵[ads1]7; meeting on Saturday, Buffett commented on crypto in relation to the growing mainstream adoption of the sector. He noted that although he has no idea if the value of BTC will increase in the future, he is confident that “it does not produce anything.”

Buffett claimed that he would like to print “a check this afternoon” worth $ 25 billion for 1% of all farmland or “apartment houses” in the United States, as they both produce real tools, but would not even spend $ 25 for 100% of the supply on Bitcoin:

“Now if you told me you own all the Bitcoin in the world and you offered me it for $ 25, I would not take it because what should I do with it? I have to sell it back to you somehow. It will not come to do something. The apartments will produce rent and the farms will produce food. “

“Assets, in order to have value, must deliver something to someone. And there is only one currency that is accepted, “he added.

Well-known crypto supporters mocked Buffett’s comments on Twitter over the weekend.

Co-founder of top crypto-venture capital firm Andreessen Horowitz (a16z) Marc Andreessen noted that “it’s so wild that he says this while naked shilling diabetes,” referring to an ensemble of See’s Candies boxes and soda boxes on Buffett’s desk during the speech.

In response, Tesla CEO and Twitter owner Elon Musk said, “haha he says ‘Bitcoin’ so many times.” While MicroStrategy CEO Michael Saylor said that “not everyone can stop talking about Bitcoin.”

Related: Top 5 cryptocurrencies to see this week: BTC, LUNA, NEAR, VET, GMT

Jamie Dimon gives crypto a little compliment

A crypto skeptic who at least softens their attitude a bit, is JPMorgan CEO Jamie Dimon.

The banker once described Bitcoin as a “scam” and has repeatedly stated that he has no interest in supporting the sector on a personal level, despite the fact that JP Morgan has warmed up to digital assets significantly in the last couple of years.

Speaking to Omaha-based news media KMTV 3 on Friday, Dimon noted that while he still does not like crypto and urges caution when investing in it, he will “defend your right to do so.”

He also went on to emphasize that cryptocurrencies serve important uses at times, especially when it comes to cross-border payments:

“Not everything is bad. If you told me ‘I want to send $ 200 to a friend in a foreign country’, it can take you two weeks and cost you $ 40. You can do it through a digital currency and it will take seconds . »