Warren has always been against the idea of a digital currency. Over the weekend, the billionaire investor had a lot of harsh words for thecryptocurrencies. He made it clear that his opposition to the technology has nothing to do with whether people can make money trading it. The opposition of Buffett is on principle. I don't know, whether it goes up or down in the next year or five or 10 years. The one thing I'm pretty sure of is that it doesn't produce anything.
It has a magic to it and people have attached magics to a lot of things.
If the people who attended his meeting bought a 1% stake in the farmland for $25 billion, he would immediately write a check. If there was a chance that 1% of all apartment rentals in the U.S. would be free, he would make a similar deal.
If you told me that you owned all of the world's bitcoins, I wouldn't take it because what would I do with it? I would have to sell it back to you. Maybe it would be the same people, but it isn't going to do anything.
The farms are going to produce food and the apartments are going to rent it. If I have all the bitcoins, I may or may not have known who the creator was.
Satoshi could create a mystery about it. Everyone knows what I'm talking about, but there's a big mystery surrounding its origins.
Certain things have value that doesn't produce something tangible. A great painting probably will have some value 500 years from now, according to Warren Buffet.
Assets, to have value, they have to deliver something to someone and there is only one currency. You can come up with anything. We can put up a hypothetical coin called the "Berkley coins", according to Buffet.
The only thing that has money is the $20 bill. The United States is not going to change the way they let their money replace theirs.
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