Warren Buffett criticized bitcoin again

The billionaire said that he would not buy the cryptocurrency even for $25 apiece

02.05.2022 - 12:45

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1 min

What’s new? Warren Buffett, the founder of Berkshire Hathaway, known for his skeptical stance on bitcoin, explained why he does not see value in the first cryptocurrency. He stated that he is pretty sure that bitcoin does not produce anything and compared it with assets that generate income. Buffett shared his views at the Berkshire Hathaway annual shareholder meeting, CNBC reports.

CNBC’s material

What else did Buffett say? The billionaire noted that there is nobody that is short bitcoins, everyone is a long-term holder. Buffett admitted that if someone told him they owned all the bitcoins in the world and offered them for $25 apiece, he would not take them because he does not know what to do with them. The head of Berkshire Hathaway stressed that he is more confident in real estate or industrial assets. However, he noted that having some cryptocurrencies in the portfolio may provide an advantage if used for lending or as collateral, but they are still “highly speculative and have not broken into the mainstream like bitcoin.”

What happened before? In February 2022, Warren Buffett invested $1 billion in the digital bank Nubank, based in Brazil. Berkshire Hathaway bought shares in the blockchain-based bank. Investments in Nubank were not being made for the first time. Previously, the organization had already acquired $500 million worth of shares of Nubank in 2021.

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