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During the annual shareholder meeting last weekend, Berkshire Hathaway CEO Warren Buffett and Vice Chairman Charlie Munger had some harsh words about bitcoin. But here's how the crypto world reacted to another blow from legendary investors.
Buffett provided the most detailed explanation of why he does not like Bitcoin, saying that if he was offered only $ 25 for all bitcoins in the world, he would not buy them even at that price. He replied that he would not know what to do with them as soon as he sold them again. Because he does not know whether bitcoin will rise or fall next year or in 10 years, he only knows that bitcoin does not produce anything.
Adding that he would prefer to own agricultural land or apartments because they can produce food and generate income from rent.
Charlie Munger is even more hostile to cryptocurrency, calling it stupidity and evil, demonstrating three reasons for his negative attitude. The first is that there is a possibility of the cryptocurrency falling to zero. The second is that it undermines the Federal Reserve System. And the third is that by recognizing cryptocurrencies, they look stupid compared to China, which was supposedly smart enough to ban bitcoin in China.
Buffett and Munger are well known for their extreme views on cryptography. In the past, Buffett has called Bitcoin rat poison squared.
However, when Buffett commented on rat poison during the 2018 annual shareholder meeting, bitcoin rose from $ 9,500 to $ 38,808. This growth over the past four years has been 308% per bitcoin.
The latest statements do not show any changes in their views, even though Bitcoin has become very widespread over the past couple of years.Nevertheless, the crypto world has been unwavering because of the views, rejecting comments and almost rejecting those who seem to disagree with their point of view.And Mexican billionaire Ricardo Salinas Pliego tweeted that it's sad to see people talking about a subject they clearly don't understand. Therefore, the future always belongs to the young, not the old.
He later clarified that there is no need to try to sell or promote Bitcoin to people who have already decided that they do not want to participate.Tesla and SpaceX CEO Elon Musk ridiculed Buffett. Drawing attention to the fact that Buffett's reasoning is equivalent to what he would say about diabetes, surrounding himself with boxes of sweets during a speech.
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