To date, Bitcoin has received every possible reaction on the reaction-meter from people. On one hand, maxis like Michael Saylor keep singing the praises of king-coin, while on the other, ones like Peter Schiff keep criticizing it.
On its part, the largest crypto asset has not been able to fetch investors with positive returns of late. Over the past year, Bitcoin has shed almost 32% of its value, while on the monthly window, it’s down by more than 15%. In effect, people inclined towards the anti-side have become more vocal about BTC.
Latest ‘stupid’ remarks on Bitcoin
Berkshire Hathaway CEO Warren Buffett and Vice Chairman Charlie Munger one by one bashed Bitcoin at the company’s annual shareholder meeting on Saturday in Omaha, Neb.
Buffett initially compared the use cases of Bitcoin with other assets classes. He said that if he invested in apartments, they’ll produce rent, and if he invested in farmland, they’ll produce crops, and so on and so forth.
Elaborating on the same and condemning the passive nature of Bitcoin, the exec added,
“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.”
Opining on the same, Dogecoin founder Billy Markus said that Buffett was “bad at math.“
Further, commenting on crypto in general, Buffett 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.”
The exec re-emphasized on the fact that for assets to have value, they have to deliver something to somebody – and there is only one currency that is accepted. Buffett went on to assert that even a potential ‘Berkshire coin’ wouldn’t be able to replace actual money. He said,
“You can come up with all kinds of things — we can put up Berkshire coins… but in the end, this is money [he said, holding up a $20 bill]. And there’s no reason in the world why the United States government… is going to let Berkshire money replace theirs.”
On the contrary, Munger said,
“… in my life, I try to avoid things that are stupid and evil and make me look bad … and Bitcoin does all three.”
Elucidating on the same, he added,
“In the first place, it’s stupid because it’s still likely to go to zero. 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.”