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During the annual meeting of shareholders of Berkshire Hathaway, held in Omaha, Nebraska, the company’s CEO Warren Buffet and his vice president Charlie Munger expressed their opinion on cryptocurrencies, especially Bitcoin .
In the event, carried out on 38 April, Buffet criticized the unproductiveness of the cryptocurrency and said that it has “magic”, only because people “have added magic to many things”.
“Whether it goes up or down in next year, or in five or 05 years, I don’t know. But the only thing I am very sure of is that it does not produce anything, “he said in statements collected by CNBC.
Buffet said that Bitcoin has a passive nature from which you would not obtain all the benefits in the short term. He gave as an example that if you invest in apartments you will only produce rents.
“If you told me that you have all the bitcoins in the world and offered them to me for $ 25 dollars I wouldn’t take them because what would I do with them? I’d have to sell them to you one way or another. It’s not going to do anything,” he said.
The company’s vice president added to the statements made by Buffet. Munger said that in his life he tries to avoid things that are stupid, evil and make him look bad with other people. “Bitcoin does all three” , he said.
“First place is stupid because it is still likely to hit 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 it in China,” he said.
Ever since the cryptocurrency hit the market, Buffet has marked a stance of skepticism . He once compared it to “rat poison.” Currently the cryptocurrency is trading at more than $30,000 Dollars.
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