Warren Buffett said during his recent dinner date with TRON founder Justin Sun, held on 23rd January 2020, that Bitcoin has no practical value and thus can be compared to materials as fragile as seashells.
Warren Buffett, who is the CEO of the American multinational conglomerate Berkshire Hathaway, one of the most respected business tycoons and also the fourth richest person in the world, is a known cryptocurrency critic. The renowned philanthropist is known to discredit Bitcoin, dismissing its very existence as being a “pointless invention.”
Bitcoin not a wise investment, Warren Buffett
Thus, when he met the BitTorrent CEO and TRON blockchain founder Justin Sun over dinner last month, he couldn’t hold back his aversion to crypto. According to Buffett, Bitcoin is good for nothing, and its only use was found in trading.
According to the widely regarded investor, Bitcoin fails to capture the essence of blockchain. It’s not something you plant and harvest with the hopes that it yields good returns. Bitcoin has value, but that doesn’t make it a good investment. In fact, I would rather place my money on a piece of land than invest in Bitcoin, Buffet said.
Bitcoin cannot be compared to the US dollar
Warren Buffett went on to state that he finds the existing monetary system, involving the US dollar monopoly, very convincing. The current US dollar system safeguards the public’s interests by protecting them against uncertainties through stocks and equities. Bitcoin offers none of that, he complained.
Moreover, Buffett assured the tech entrepreneur during their dinner meeting that the hype surrounding Bitcoin wouldn’t last long. I don’t think Bitcoin’s widespread popularity is likely to get passed on to the newer generations. It will die down; eventually, Buffett affirmed.
The US dollar can store and generate value, which is why I am convinced that my grandchild will inherit wealth in US dollars, not Bitcoin. Bitcoin is not capable of storing value, thus making it no different from a seashell, Buffett ascertained.
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