“I don’t have any bitcoin. I don’t own any cryptocurrency, I never will … You can’t do anything with it except sell it to somebody else.” So claimed Warren Buffet in an interview this week on CNBC. Over the course of the two-minute segment, the billionaire investor tore into bitcoin’s value proposition, and obliquely threw shade on $4.6 million lunch guest Justin Sun.
Buffet Gives Bitcoin Both Barrels
In an interview with CNBC, Warren Buffet has insisted that “bitcoin has been used to move money illegally” and that “cryptocurrencies basically have no value, they don’t produce anything.” Summoning palpable contempt, Buffett added, “You can look at your little ledger item for the next 20 years and it says you’ve got X of this cryptocurrency or that; it doesn’t reproduce; it doesn’t deliver; it can’t mail you a check, it can’t do anything. And what you hope is that somebody else comes along and pays you more money for it later on. But then that person’s got the problem. But in terms of value [assigned to cryptocurrencies], zero.”
Buffett then gave a visibly awkward laugh in response to hearing of Sun’s claim that he owned bitcoin, saying, “I don’t have any bitcoin. I don’t own any cryptocurrency, I never will … You can’t do anything with it except sell it to somebody else.”
The only economic contribution of bitcoin is a fall in demand for suitcases because bitcoin makes it easier move money illegally, says Warren Buffett #btc #bitcoin #AskWarren pic.twitter.com/dyBTbyPRhk
— Squawk Box (@SquawkCNBC) February 24, 2020