HomeCelebrityElon Musk Responds To Warren Buffett's Negative Statement About Bitcoin

    Elon Musk Responds To Warren Buffett’s Negative Statement About Bitcoin

    Warren Buffett is a business entrepreneur, investor, and philanthropist from the United States. He presently serves as Berkshire Hathaway’s chairman and CEO. He is one of the world’s most successful investors, with a net worth of moreover $125 billion as of April 2022 making him the world’s fifth-wealthiest person.

    Recently, Warren Buffett slammed Bitcoin once more, claiming that it has no fundamental worth. Here is everything you need to know about this.

    Buffett Spoke His Mind On Bitcoin

    Elon Musk and Warren Buffett
    Elon Musk and Warren Buffett

    Whether [Bitcoin] goes up or down in the next year, or five or ten years, I don’t know,” Buffett said. “But the one thing I’m pretty sure of is that it doesn’t produce anything.”

    Nothing could persuade the wealthy investor, who has previously branded Bitcoin, a “delusion” and “rat poison squared,” to buy any cryptocurrency—at any price.

    “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.”

    On Saturday, Buffett spoke at Berkshire Hathaway’s annual shareholder meeting.

    Andreessen Horowitz’s Marc Andreessen tweeted the video, saying, “it’s so wild he says this stuff while nakedly shilling diabetes.”

    Elon Musk Responses To Warren Buffett’s Statement 

    Elon Musk and Warren Buffett

    Elon Musk, CEO of Tesla and SpaceX, responded, “Haha he says Bitcoin so many times.”

    According to CoinMarketCap, the top cryptocurrency has reacted well to the news and is currently trading at over $38,900 on Monday morning, up 2.3 percent in the last 24 hours.

    Berkshire’s Approach Towards Bitcoin

     Berkshire Hathaway
    Warren Buffett

    Berkshire Hathaway is an American multinational conglomerate holding corporation that manages over $330 billion in assets. It was founded in 1839. Apple, Bank of America, American Express, and Coca-Cola are among the firm’s biggest holdings. Berkshire also bought around $1 billion worth of Activision Blizzard stock last year and recently upped its stake in the video gaming behemoth to roughly 9.5 percent.

    Assets must have worth in Buffett’s eyes, which implies they must be valuable, “have to deliver something to somebody.

    “The apartments are going to produce rent, and the farms are going to produce food […], And there’s only one currency that’s accepted,” told the Berkshire Hathaway chief.

    Buffett emphasized that people could create anything, including a hypothetical “Berkshire coin,” but in the end, “that’s what money is,” he said, holding up a $20 bill.

    As well, Buffett’s business colleague Charlie Munger slammed Bitcoin again on Saturday.

    “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,” Munger said.

    Clarifying his stance, Munger told reporters Bitcoin “is stupid because it’s still likely to go to zero” and is “evil because it undermines the Federal Reserve System. And third, it makes us look foolish compared to the Communist leader in China. He was smart enough to ban Bitcoin in China,” finished Munger.

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    Rishika Kodwani
    Rishika Kodwani
    Rishika is a curious journalist who enjoys travelling and learning about various cultures. When she isn't travelling, she may be found enjoying movies.

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