Warren Buffett Reiterates His Stance on Cryptocurrency

News / 24.02.2020

On February 24, Warren Buffet has stated again strongly that he finds cryptocurrencies distasteful.

He spoke during CNBC’s Squawk Box interview. He reiterated that fundamentally, cryptos do not have any value and do not produce anything. He said their value is zero.

According to him, he does not have any cryptocurrency and will never have it. He spoke about the markets during the interview after releasing his yearly shareholder letter.

Buffett is a long-time critic of Bitcoin. Before Berkshire Hathaway annual shareholder meeting in 2018, he said Bitcoin is perhaps “rat poison squared.” He has described the world’s largest cryptocurrency using things like a “mirage,” “not a currency,” and “tulips,” based on CNBC’s Warren Buffett Archive.

Similarly, Charlie Munger of Berkshire Hathaway said Bitcoin is a “turd,” and said that trading cryptos is “just dementia.”

In 2019, TRON’s founder, Justin Sun, tried to change Buffett’s mind by bidding $4.6 million in a charity auction for a meal with the Bitcoin critic.

Buffet commented about his dinner with Justin Sun:

“When Justin and four friends came, they behaved perfectly and we had a very friendly three and a half hour dinner and the whole thing was a very friendly exchange of ideas.”

In addition, Buffet said both himself and Sun did not change their stance on the coin.

Featured image courtesy of GettyImages. Source: Cryptopress.

Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.