Buffett Would Prefer $25 Over Every Last Bitcoin

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Buffett Would Prefer $25 Over Every Last Bitcoin

CryptocurrencyBuffett Would Prefer $25 Over Every Last Bitcoin

Despite his firm’s unusual investment choice in February, Warren Buffett is still a staunch skeptic of Bitcoin. On Saturday, the billionaire investor announced that he will not give up $25 worth of Bitcoin for all of it.

Buffett Says Bitcoin Still Worthless

In his annual shareholders’ meeting in Omaha, Nebraska, Warren Buffett stated that the cryptocurrency craze is a “bubble.” Nubank, a Brazilian banking institution that is crypto-friendly, shocked investors when it received $1 billion from Berkshire Hathaway earlier this year.

Some thought that Buffett had changed his mind about the asset after this. However, Buffett’s rhetoric at the stockholders’ meeting remained consistent: Bitcoin “doesn’t create anything,” and so it is worthless.”

Buffet’s long-standing argument against cryptocurrencies is that they lack “intrinsic value.” In his opinion, individuals do not buy cryptocurrency to accomplish anything; instead, they resell it at a profit. As a result, Bitcoin and other crypto assets are valued only because people believe in them.

He would be prepared to pay as much as $25 trillion for all of the world’s farmland or apartment rentals if he could. As he points out, these assets may be utilized to generate something useful.

Although the value of some goods may appear to be zero, Warren Buffett has stated that assets must create something of value for it to have worth. Unless it is a currency, he said that assets must produce anything of value for them to have worth.

Despite America’s lack of enthusiasm, two more nations have now made Bitcoin their official currency.

Bitcoin Value

According to one investor, much of Bitcoin’s value derives from “the magic” that surrounds it. He thinks the mystery surrounding Satoshi made Bitcoin the most valuable cryptocurrency, according to his study.

This is essentially a statement that Bitcoiners would wholeheartedly approve. For the “precious and rare” situation that generated it, Jack Dorsey values Bitcoin above all other cryptos. Michael Saylor, the CEO of software company MicroStrategy, thinks Satoshi’s anonymity is advantageous for the asset.

When asked about his Bitcoin-related views, Saylor said that in comparison to Buffett, he believes the market capitalization of Bitcoin could rise to $100 trillion one day. For him, Bitcoin is “digital property,” a word that has become synonymous with “reliably scarce” and “all of the benefits of digitization.” It doesn’t even have to be the world reserve currency in order to be valuable, according to him.