Warren Buffett gives his most expansive explanation for why he doesn’t believe in bitcoin

Warren Buffet is sticking to his skepticism of the digital currency despite it gaining acceptance from the traditional finance and investment world.

He said at the meeting that it was not a productive asset and that it didn't produce anything. Despite a change in public perception, Buffet still wouldn't buy it.

I don't know, whether it goes up or down in the next year or five or 10 years. It doesn't produce anything, and people have attached magics to it.

Even though it's a passive asset that investors buy and hold and hope to see increase in price over a long period, even though it's a popular asset, even though it's a passive asset, even though it's a popular asset, even though it's a Everyone is a long-term holder of the virtual currency, according to Buffet.

For more sophisticated investors, some coins offer a way for them to use their coins to create additional portfolio benefits. They are still young, highly speculative and haven't broken into the mainstream.

He compared the things that generate other types of value to the things that don't.

I will write you a check this afternoon if you agree to give us a 1% interest in all the farmland in the United States. If you give me 1% of all the apartment houses in the country, I will write you a check for $25 billion. 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. It isn't going to do anything. The farms are going to produce food and the apartments are going to produce rent.

For years, investors have been confused about how to value the virtual currency because of its potential to serve different functions. It has become an investment asset in Western markets as rates and inflation have gone up. People in other markets still think of it as digital cash.

Assets have to deliver something to someone. Only one currency is accepted. He held up a $20 bill and said, "This is money, and there is no reason for it."

Both Charlie Munger and Warren Buffet have made hostile comments about the virtual currency. Munger doubled down on that sentiment Saturday.

In my life, I try and avoid things that are stupid and evil and make me look bad in comparison to someone else. It's evil because it undermines the Federal Reserve System, and it makes us look foolish compared to the Communist leader in China. He was smart enough to ban it in China.