The cryptocurrency market is a whirlwind of excitement and uncertainty, fueled by a fear of missing out (FOMO) and speculation about its future trajectory. Amid this frenzy, one of the most seasoned voices in investment, Warren Buffett, has consistently made clear his stance on the matter: he wants nothing to do with cryptocurrency.
Speaking at Berkshire Hathaway Inc.’s annual shareholder meeting in 2018, Buffett described Bitcoin as “probably rat poison squared,” a sentiment reported by CNBC’s Becky Quick. Despite the growing acceptance of Bitcoin in the traditional finance sector, Buffett’s stance remains unchanged, emphasizing his belief that Bitcoin is not a viable investment.
The late Charlie Munger, who was Berkshire Hathaway’s vice chairman and Buffett’s long-standing collaborator, echoed this sentiment during the meeting, criticizing cryptocurrency trading as “just dementia.”
Buffett has been vocal about his caution toward Bitcoin and the broader cryptocurrency market, predicting a grim outcome. “In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending,” Buffett said.
His opinion hasn’t changed over the years. At the 2022 Berkshire Hathaway annual shareholder meeting, he said, “Now 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.” Through this assertion, Buffett articulates his viewpoint that, unlike other assets, cryptocurrencies cannot generate tangible value or income.
While not primarily known as an agricultural investor, Buffett acknowledges the intrinsic value of certain asset classes outside his typical portfolio, such as farmland. His perspective is that if you invest in farmland, you possess a tangible asset that contributes directly to food production, a critical sector of the economy.
Emphasizing this point, Buffett said, “If you said, for a 1% interest in all the farmland in the United States, pay our group $25 billion, I’ll write you a check this afternoon.”
More on Buffett: Warren Buffett’s 400-acre farm has proven to be one of his best performing long-term investments, even though he admits to not knowing anything about farming. Here’s why more investors are adding farmland to their portfolio.
For those looking to follow in Buffett’s footsteps by investing in tangible assets but without billions to spend, platforms like Arrived Homes offer an accessible entry into real estate investment. Arrived Homes, backed by high-profile investors including Jeff Bezos, enables individuals to invest in single-family rental properties for as little as $100.
As the cryptocurrency debate rages on, with enthusiasts and skeptics voicing their opinions, the insights of experienced investors like Buffett provide a valuable counterpoint to the frenzy. By emphasizing the importance of investing in assets that yield real, tangible benefits, Buffett’s views offer guidance for navigating the complexities of the modern financial landscape, where the distinction between speculative excitement and substantive value has never been more critical.
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This article Warren Buffett Says He Wouldn’t Pay $25 For All The Bitcoin In The World – He Considers Crypto ‘Rat Poison’ And Warns: ‘I Can Say With Almost Certainty That They Will Come To A Bad Ending’ originally appeared on Benzinga.com
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Source: finance.yahoo.com