🚨🚨 Why Doesn't Buffett Invest in #Bitcoin❗ 🚨🚨
When #Bitcoin went from worthless to over $100, Buffett called it "rat poison." Later, when asked about Bitcoin's rise from over $100 to over $9,000, he quipped, "It may be rat poison squared."
At the Berkshire Hathaway shareholders meeting, Buffett reiterated his pessimism about Bitcoin, stating, "The final result of cryptocurrency will be very bad because they do not generate any value related to this asset." He believes the value of cryptocurrencies relies on more people entering the market and selling at higher prices to new buyers.
In an interview with Yahoo Finance, Buffett emphasized that buying cryptocurrency is speculation, not investment. "There's nothing wrong with that. If you want to take a gamble, someone will come tomorrow and be willing to pay more. That's a form of gambling. It's not an investment."
Buffett has steadfastly avoided cryptocurrencies, stating, "We will never buy cryptocurrencies. Even the things I think I know a little about have caused me enough trouble. Why would I buy something I don't understand?" He has dismissed Bitcoin as an "illusion" and mocked the idea of its intrinsic value.
Buffett's aversion to Bitcoin is consistent with his view on gold. He has never invested in gold, citing its lack of productive capacity. Gold, he argues, cannot produce more gold or any other value. In contrast, his investments in oil fields, factories, and stocks generate tangible returns. "But if you buy an ounce of gold, it will still be an ounce of gold after hundreds of years."
This year, Bitcoin reached an all-time high of $75,830 and is currently around $64,000. There are rumors that Buffett may have invested in Bitcoin, but this seems contrary to his previous statements. Whether Buffett will regret his earlier comments remains to be seen. What do you think?