American business magnate, the CEO of the conglomerate holding company Berkshire Hathaway, Warren Buffet said in the recent annual meeting of the company that he didn't change his mind about Bitcoin despite the growth of the asset.
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Buffet finds that Bitcoin isn't a productive asset and it doesn't create anything tangible. The investor mentioned that he doesn't know wether the price of the coin will rise or fall in the next year, or five or ten years, but he is sure that BTC doesn't produce anything. Buffet added Bitcoin has got a magic to it, and people have attached magics to lots of things.
Co-founder of the venture capital Andreessen Horowitz, Marc Andreessen shared Buffet's words on his Twitter account. Elon Musk replied, saying it's funny that Buffet repeats the word "Bitcoin" so many times.
It’s so wild he says this stuff while nakedly shilling diabetes. pic.twitter.com/k4cy20PVpd
— Marc Andreessen (@pmarca) May 1, 2022
During the annual meeting, Muffet said that no one is short on Bitcoin, but everyone is a long-term holder waiting for the price to go up.
According to Buffet, assets need to deliver something to somebody to have value. He said he wouldn't agree to buy all of the Bitcoins for even $25 as he wouldn't know what to do with the holdings. He finds that eventually he would need to sell the coins.
Buffet said that there's only one currency that would be accepted. According to him no matter what things people will come up with, Berkshire coins or anything else, in the end that is money. Buffet added there's no reason why the US government is going to let Berkshire money replace theirs.