“If you offered me all the bitcoins in the world for $ 25, I would decline the offer. I don’t know what to do with it.” Warrent Buffett returns to the attack on cryptocurrencies and does so with a reasoning that some have defined as the best ever used so far by the American businessman against digital assets. Buffett, 91, CEO of the holding Berkshire Hathaway and fifth richest man in the world with a net worth of $ 125 billion, he returned to attack bitcoin at his company’s annual investor conference.
Buffett’s reasoning on bitcoin
Perhaps pressured for its closure without appeal to the world of crypto, which over the years have become quite popular even on Wall Street, he said: “If someone offered me to buy 1% of the US farmland worth $ 25 billion, I’d write him a check this afternoon. And for 25 billion I would own 1% of the agricultural land in the United States. If, on the other hand, someone offered me 1% of all the apartments and houses in the country for 25 billion, I would write them a check right away “.
And he added: “Now, if someone offered me all the bitcoins in the world for $ 25 instead, I would turn down the deal because I wouldn’t know what to do with bitcoins. I have to resell them to make some money, but everything would stop there. Instead the farms will always produce food and the rented apartments to be collected “. And again:” If it will go up or down in the next year I don’t know. But the only thing I’m pretty sure about is that it won’t produce anything. It definitely has something magical about it and people tend to value magical things. “
Buffett versus bitcoin. Musk versus Buffett
Whenever Buffet talks about bitcoin, the debate on social media immediately polarizes. The businessman is not new to bitcoin attacks. He has always accused him of: bitcoin is an asset that does not have an underlying, whoever buys it does not know what they are buying, nor what they can do with them but keep them and wait for them to acquire value and then resell them. Buffett does not believe, as many bitcoin fans believe, that the bitcoin bet is a bet on its technology and its ability to create a decentralized alternative to exchanging goods and services. But his words each time rekindle the debate in the US.
Many have responded to Buffett, more or less indirectly. Over all Elon Musk who on Twitter, a social network he just bought for $ 44 billion, teased Buffett by replying to a video of his speech to investors: “Haha, he really mentions bitcoin many times.” Musk is very active in the cryptocurrency industry and has repeatedly said they are set to become the only bargaining chip in the near future. For several months, early last year, he also accepted cryptocurrency payments for his Teslas, only to change his mind and accuse bitcoin of being energy-hungry.
How much are all the bitcoins in circulation worth
Perhaps it is no coincidence that Buffett has decided to land his new thrust against crypto these days. In recent weeks the price of bitoin has dropped dramatically, recovering part of the losses in the last 24 hours.
Bitcoin is currently trading at around $ 38,000 while all bicoins in circulation are currently worth $ 741 billion. Difficult for most to be able to fully understand why it is not a bargain to buy them for 25 dollars.