Well, warren buffet has spoken once again on Bitcoin In a speech delivered on Saturday at Berkshire Hathaway’s first in-person annual meeting since 2019, Warren Buffett and Charlie Munger, vice-chairman of the business, took aim at both Bitcoin and the current market, which they believe has degraded into a “gambling parlor.”
Buffet reiterated his skepticism about bitcoin, adding that it lacks utility and so will not be purchased by him:
“I have no clue whether [bitcoin] will climb or collapse in the next year, five years, or ten years,” says the bitcoin developer. The one thing I am certain of is that it does not yield any results whatsoever. “It has a magical character to it, and humans have associated magical qualities with a variety of things,” he said in an interview with CNBC.
“In order to be valued, assets must provide something of value to someone. In addition, just one sort of currency is recognized. You have complete freedom to create whatever you desire. “We can put up Berkshire coins, we can put up Berkshire money, but at the end of the day, this is money,” he said, holding out a twenty-dollar bill. “And there isn’t a single reason in the world why the United States government… would allow berkshire money to replace its own.”
Will Warren buffet ever Turn Bullish On Bitcoin?
The probability of Warren Buffett flipping Bullish Are Very low Because as per him, Bitcoin does not produce anything ‘tangible’ and since bitcoin cannot change and is going to be the same forever, warren will not turn bullish probably. As always “Bitcoin Does not Care”
In his words, “first and foremost, it’s stupid,” he continued, “because it’s still very conceivable that it’ll fall to zero.” “It’s bad because it puts the Federal Reserve System’s stability in peril… ” It also makes us appear naive in comparison to China’s Communist leader, which is the third reason. He was foresighted enough to outlaw the usage of bitcoin in the People’s Republic of China.”
According to Munger, “it’s stupid…and it reflects poorly on our country.”
In contrast, Munger was less than favorable about the digital asset, describing it as “stupid” and “evil,” and claiming that it reflects negatively on the United States as a whole.
“As far as possible, I strive to avoid doing stupid and dreadful things that make me appear bad…