Elon Musk mocks Warren Buffet after the legendary investor said he wouldn’t buy Bitcoin for $25
Billionaire investor Warren Buffett has once again attacked Bitcoin (BTC), saying he wouldn’t accept all of the cryptocurrency in the world for $25. The legendary investor makes the case that Bitcoin lacks an inherent value. While Buffett continues to criticize Bitcoin, Elon Musk has ridiculed him, demonstrating his support of the cryptocurrency industry.
Elon Musk weighs in after Warren Buffet attacks Bitcoin
The famous American investor Warren Buffett, who has a net worth of around $124 billion, is a vocal Bitcoin skeptic. He’s likened Bitcoin to “rat poison squared.” His contentions usually revolve around the grounds that digital assets lack substantive value. However, the cryptocurrency community was quick to point out that there are a plethora of use cases and utilities for crypto that Buffett would not be aware of.
After Berkshire Hathaway Chief Executive Warren Buffett slammed Bitcoin, Tesla CEO Elon Musk mocked the legendary investor. During the week when “bitcoin Jesus” resurfaced, Buffett took aim at Bitcoin. Also, Jesus of Bitcoin named his top “contenders” for the title of the world’s greatest cryptocurrency.
At Berkshire Hathaway’s Annual Shareholder Meeting on Saturday, Warren Buffett addressed crypto in the context of the sector’s growing acceptance by the general public. He added that while he isn’t sure if BTC’s value will rise in the future, he is confident that it doesn’t produce anything.
Whether it goes up or down in the next year, or five or ten years, I don’t know, but the one thing I’m pretty sure of is that it doesn’t produce anything. 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.Warren Buffet
For Buffett, assets must have value, which means they must provide something to someone. Buffett noted that people might develop a variety of things, even a hypothetical “Berkshire coin,” but ultimately, “that’s what money is,” he said while displaying a $20 bill.
Meanwhile, Buffett’s business partner Charlie Munger delivered more cutting remarks about Bitcoin on Saturday. Munger stated that in his life, he tries to avoid doing stupid and evil things that make him look bad in comparison to others, and Bitcoin does all three of them.
Munger described his position by stating that Bitcoin is stupid because it has a good chance of declining to zero. It’s also evil because it detracts from the Federal Reserve System. Third, it makes America and global investors look incompetent compared to the Communist leader in China. Munger noted that the Communist leader in China was “smart enough to ban Bitcoin.”
The crypto community responds in strength
Over the weekend, Buffett’s remarks were ridiculed by bitcoin supporters on Twitter, including crypto evangelist Elon Musk. “Haha he says `Bitcoin` so many times.” Tesla Motors CEO Elon Musk quipped in response to a video of Buffett uttering the word “bitcoin.”
Elon Musk has been known to express his enthusiasm for cryptocurrencies on Twitter. As a result, when he discusses the cryptocurrency sector, people listen. Elon Musk has demonstrated his support for cryptocurrency, advising investors in the crypto market. Apart from Elon Musk’s well-targeted criticism, the rest of the crypto community chimed in with their opinions on the subject.
On Saturday, Warren Buffett and his right-hand man, Charlie Munger, Berkshire Hathaway vice chairman Charlie Munger, both dismissed Bitcoin and cryptocurrencies during the firm’s annual shareholder meeting.
Marc Andreessen, a co-founder of top crypto investment firm a16z, observed that it’s wild he says this stuff while openly marketing diabetes, in reference to a group of See’s Candies boxes and soda cans on Buffett’s desk during the speech. Additionally, CEO of MicroStrategy Michael Saylor added that “everyone can’t stop talking about Bitcoin.”
Mexican billionaire businessman and Grupo Salinas’s founder said it was sad to see Buffett speak about a subject he clearly doesn’t comprehend.
Mike Alfred, the founder of crypto data provider Digital Assets Data, said he has long been an admirer of Warren Buffett’s focus on value. He noted that he invested in Berkshire in 2007, but after listening to the billionaire’s latest Bitcoin rant, he will be slashing his stake as the company won’t outperform with a CEO who is not open to societal change.
Linda P. Jones, the author of the 3 Steps to Quantum Wealth crypto book, was intrigued by Buffett’s investments in crypto-friendly firms like Nubank and SBI Holdings.
The top cryptocurrency, which is up 2.3% over the past 24 hours per CoinMarketCap, appears to have responded positively to the news and is trading at roughly $38,900 this Monday morning, up from Sunday’s close.