Warren Buffett Gives His Most Expansive Explanation for Why He Doesn’t Believe in Bitcoin

Warren Buffett Gives His Most Expansive Explanation for Why He Doesn’t Believe in Bitcoin

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  1. Good ol’ Munger showing his true colors again. At least they’re saying the quiet part out loud.

    *”…It’s evil because it undermines the Federal Reserve System… and third, it makes us look foolish compared to the Communist leader in China. He was smart enough to ban bitcoin in China.”*

    They prefer communism and censorship over freedom of choice in financial markets.

  2. Buffet says Bitcoin has no cashflow like it’s a bad thing. But with no cash flow nothing can go wrong. There is no way to screw up Bitcoin like you could in a day with corrupt CEO.

  3. When telephone was invented everyone thought it would fail. When computers were invented businesses thought that computers have no place in business and it is just a toy. When the internet was invented nobody thought that on-line sales would dwarf physical stores.

    Physical pieces of money doesn’t “produce” anything either. And yet we attach value to these useless pieces of paper with fancy pictures on them.

  4. This is the most stereotypical “ok boomer” moment I’ve ever witnessed.

    Does he really think people buy stocks for their voting rights and to own part of a company? Gtfo. They buy stocks because they think the price will go up so they can sell and profit. The same is true for Bitcoin.

    Bitcoin also has the upside of being able to be used as an actual currency, unlike stocks.

  5. Can’t knock a guy who made his billions from the corrupt fiat system. He knew how to make money, clearly.

    The future doesn’t matter to him. It does to us. This is why we buy bitcoin. I’m cool with him being against it.

  6. This all comes down to one simple, but time consuming premise: understanding bitcoin. As soon as someone researches bitcoin, they are enlightened. Warren B is the same as any other ignorant person…they don’t understand it yet they slander out of an uneducated position. To that I say, fuck ‘em. We will all be laughing with our stacks at them.

  7. Those two guys are analyzing bitcoin as if it was a stock, e.g. saying it does not produce anything. They do fundamentally not understand what bitcoin is and why is it different from any other asset in the world.

  8. Hating on Buffett is silly. He’s old, rich and powerful. Why would he need it? Why would he spend hours learning about it? His opinion is worthless about crypto but doesn’t make his opinion less valid in the stock market.

  9. tldr; Despite a shift in public perception about the cryptocurrency, Buffett still wouldn’t buy bitcoin.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  10. The last time a read about Buffet I was surprised to see that he hasn’t outperformed the s&p in twenty years. I was also surprised to see that Berkshire keeps an unbelievable amount of their asset in cash. What does cash produce?

    This is an insurance guy. Scum. Omaha denied every interruption of business claim during the pandemic then used the premiums to buy fire-sale assets.

    These men are ignorant about bitcoin and it being an alternative to failing money in corrupt countries. I think Berkshire was also very late to invest in tech.

    Everyone hates billionaires but some how Buffet and Gates are adored by the media. They pledge to give away all their money. In fact,they donate billions to their own nonprofits and each others non profits which are controlled by their children. They are simply avoiding taxes while enriching their children.

  11. He claims that BTC has no value and is not productive when comparing SOLELY on produsing assets such as stocks. I would argue that in that sense the $ has no value either in that case. Let alone that BTC IS a productive asset! It’s an entire new beast in itself for the financial sector. A new chapter if you will. all this is setup this way to be decentralized so the value is in the blocks being created and verified forever, and the value itself is that.
    He also said he is willing to pay $25 if someone who holds all the BTC is willing to sell them to him.
    Well dah! The answer is in the damn question if he knew what BTC is. BTC had NO value when Satoshi mined the genesis block. The point is if one person holds all the BTC, then BTC as a decentralized system has therefore failed and obviously has no value. But that’s not the case anymore is it Warren? Smh

  12. Is that the same Warren Buffet that refused to allow his portfolio companies invest in technology and the internet because he thought the business on the internet didn’t make sense?

What do you think?

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