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161561312 story Investor Warren Buffett addressed the annual shareholder meeting today for his multinational holding company Berkshire Hathaway — and said he still wouldn't buy bitcoin.
But this time he gave a detailed explanation why. CNBC reports:
"Whether it goes up or down in the next year, or five or 10 years, I don't know. But the one thing I'm pretty sure of is that it doesn't produce anything," 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," Buffett said. "[For] $25 billion I now own 1% of the farmland... 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... The farms are going to produce food...." 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 in the world why the United."
Later Saturday Berkshire Hathaway's vice chairman Charlie Munger had an even harsher appraisal of bitcoin. "In my life, I try and avoid things that are stupid and evil and make me look bad in comparison to somebody else — and bitcoin does all three," Munger said. "In the first place, it's stupid because it's still likely to go to zero. It's evil because it undermines the Federal Reserve System... and third, it makes us look foolish compared to the Communist leader in China. He was smart enough to ban bitcoin in China."
