Bitcoin does nothing, claims Warren Buffet
Billionaire investor Warren Buffet is one of the biggest Bitcoin critics and he attacked the cryptocurrency again during a recent speech.
The Berkshire Hathaway CEO Warren Buffet attacked Bitcoin at his annual shareholder meeting. According to Buffet, Bitcoin doesn’t do anything and he wouldn’t buy it even if it was sold for $25. He said;
“Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything. It’s got a magic to it and people have attached magics to lots of things. 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.”
Buffet has criticised Bitcoin on several occasions over the past few years. However, that hasn’t stopped the cryptocurrency market from evolving and growing. The crypto ecosystem reached an all-time high of $3 trillion in November 2021 and market experts believe it will record further gains over the coming years.
Vice-chairman of Berkshire Hathaway Charlie Munger also criticised Bitcoin, stating that;
“In my life, I try to avoid things that are stupid and evil and make me look bad and bitcoin does all three.”
Bitcoin remains the world’s largest cryptocurrency, with a 41% market dominance. The total Bitcoin market cap is close to $750 billion, down from the over $1 trillion it recorded six months ago.
Bitcoin has been struggling around the $40k level in recent weeks. Since reaching an all-time high of $69k in November 2021, Bitcoin has lost more than 40% of its value.
The bearish sentiment in the market thickens and the short-term outlook of the market is currently negative.
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