(Rejected: 2) Warren Buffett Vows Never to Own Any Cryptocurrency Despite Having Dinner with Justin Sun
Billionaire investor and Berkshire Hathaway Chairman and CEO Warren Buffett recently reaffirmed his dislike of cryptocurrencies in a CNBC interview. Buffett said, "Basically, cryptocurrencies have no value. They don’t produce anything, and they don’t do, deliver, or reproduce anything.” He further added: “You cannot do anything with cryptocurrency except to sell it to someone else. But that person’s got the problem.”
Buffett trashed cryptocurrencies dispute hosting a recent charity dinner with Tron CEO Justin Sun, who paid over $4 million for a dinner as part of a charity auction. Justin Sun bid $4.57 million in a charity auction to have a meal with Buffett in an attempt to change the mind of the Bitcoin skeptic. Justin and four guests came, behaved very well, had a mutual, respectful conservation, and had a great dinner. But in the end, Sun did not manage to change Buffett’s stance on Bitcoin.
Sun stated that he gave Buffett a Samsung Galaxy smartphone stuffed with a Bitcoin and about $2 million of Tron’s cryptocurrency. But in the CNBC interview, Buffett denied holding any crypto. He said, “I don’t own any cryptocurrency, and I will never.”
Buffett has been a long-time critic of the world’s leading cryptocurrency. In 2018, Buffett called Bitcoin as a “rat poison squared,” and describing it as “tulips, not a currency,” and “mirage.”
Even Charlie Munger, Berkshire Vice-chairman, follows his lead and had called Bitcoin a “turd,” and stated that trading crypto is “just dementia.”
During the CNBC interview, Buffett said that none of Berkshire’s business uses Bitcoin, and stated that the cryptocurrency is frequently used for illicit purposes.
Buffett’s view on blockchain assets has remained the same and is unlikely to change. Perhaps, his negative stance is likely because of the fact that cryptocurrencies don’t fall within the realm of traditional finance. In other words, they are too disruptive and too risky to be considered worthy investments. Buffett has long avoided highly speculative investment schemes or new asset classes. Perhaps, his remarkable success has come from following conservative, simple strategies.
Image via CNBC