First mentioned: 05/05/2018
Last mentioned: 24/02/2020
Total mentions: 4
Most mentions: 2020
Warren Buffett, an American tycoon, investor, and philanthropist, presently holds the positions of chairman and CEO at Berkshire Hathaway. With a global reputation as one of the most prominent investors, as of 2023, he stands as the seventh wealthiest individual worldwide.
Warren Buffett on Bitcoin
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Instead of investing in Bitcoin, Buffett thinks the most logical move is to short suitcases! He explains that less people will be moving around money physically, but through Bitcoin. "Bitcoin has been used to move around a fair amount of money illegally. The logical move from the introduction of bitcoin is to go short suitcases because the money that was taken in suitcases from one country to another - suitcases will probably fall off in demand. You can look at that as the economic contribution of bitcoin to the society."
In 2020, Buffett emphatically stated that he currently does not own any Bitcoin and has no plans to do so in the future. To underscore his stance, Buffett humorously entertained the idea of creating his own cryptocurrency, playfully likening it to a pyramid scheme. "I don't have any bitcoin. I don't own any cryptocurrency, I never will. I may start a Warren currency, maybe I can create one and say there's only going to be 21 million of them. You can have it after I die but you can't do anything with it except sell it to somebody else."
Buffett expressed on CNBC his scepticism regarding the value of Bitcoin, emphasizing his belief that Bitcoin lacks inherent productivity or the ability to generate tangible outputs. "It's ingenious and blockchain is important but bitcoin has no unique value at all, it doesn't produce anything. You can stare at it all day and no little bitcoins come out or anything like that. It's a delusion basically."
During the 2018 Berkshire Hathaway Annual Meeting, Warren Buffett delivered what is widely considered as his most memorable statement regarding Bitcoin. "Probably rat poison squared"
