Chairman and CEO of Berkshire Hathaway Warren Buffet is often quick to set the record straight that he doesn’t own any Bitcoin. The crypto community, on the other hand, usually receives this revelation with dismay while making attempts to change the billionaire’s stance. The latter can be tied to the fact that these bearish sentiments come from one of the world’s most successful investors. But why does Warren Buffet have a strong dislike for the top cryptocurrency? Let’s find out!
Buffet Believes Cryptocurrencies are Worthless
Warren Buffet on several occasions in the past has listed a thousand and one reasons why he does not own any Bitcoin. On February 24, 2020, while on CNBC’s Squawk Box, the CEO notified the public that he does not invest in Bitcoin and won’t even be considering the prospect. According to the 89-year-old, cryptocurrencies are worthless and they do not produce anything valuable.
Buffet Sees No Unique Value in Bitcoin
In February 2019, Buffet remarked that Bitcoin has no unique value and it is only a delusion. Much more, the crypto asset attracts charlatans. Buffet also sympathized with investors who had dived into the market in hopes to make profits that will transform their lives. Instead, Bitcoin tanked by 80% from its all-time high in December 2017, a year later.
Buffet Calls Bitcoin a Gambling Device
These bearish sentiments are not the last of its kind given that Buffet had also justified his lack of interest in Bitcoin in May 2019. At the time he said Bitcoin is a gambling device and is used for illegal purposes. Moreover, the asset only exists and does not produce anything. As such, it is not an investment vehicle for him.
Justin Sun Tries to Change Buffet’s Opinion About Bitcoin
On the other hand, Bitcoin bulls will have none of it seeing their much-loved cryptocurrency be defamed by a public figure. The likes of Justin Sun, Tron’s CEO have made an attempt to change Buffet’s opinion about cryptocurrencies. In 2019, Sun scheduled a lunch with the CEO after winning a record-breaking $4.5 million charity auction.
Nonetheless, the meeting did not turn out as expected given that Warren is still rooted in what he believes. While commenting on the lunch date, the CEO revealed that there was a friendly exchange of ideas during the 3½-hour meeting. However, he still maintains his candid opinion about Bitcoin.
Interestingly, Sun revealed that he had gifted Bitcoin and Tron to Buffet after the meeting. Based on this, it could be assumed that the funds in Buffet’s holding contradict his statement that he doesn’t hold any Bitcoin. What was even more intriguing is Buffet’s donation of the cryptocurrencies he received to charity hours after Sun made the declaration.