The founder of Berkshire Hathaway criticised Bitcoin during his company’s annual shareholder’s meeting at the weekend.
American billionaire, Warren Buffet has been tackled by some prominent Bitcoin investors and executives for criticising, Bitcoin and cryptocurrency.
Buffet who is the founder of Berkshire Hathaway criticised Bitcoin during his company’s annual shareholder’s meeting at the weekend.
Speaking at the meeting, Buffet said he wouldn’t buy all the bitcoin in circulation for $25, adding that the cryptocurrency doesn’t produce anything beyond magic.
Defending his stand on bitcoin, the billionaire stated he would write a cheque of $25 billion to own 1% of farmland in the United States, but not a penny for BTC.
He said, “You offer me 1% of all the apartment houses in the country and you want another $25 billion, I’ll write you a check, it’s very simple. Now 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. The apartments are going to produce rent and the farms are going to produce food.”
Reacting to Buffet’s comment, World’s richest man and some to be Twitter owner, Elon Musk mocked the billionaire for marketing bitcoin unknowingly through his statement.
Also, a popular bitcoin investor, Michael Saylor, who has invested about $3.57 billion in BTC, says people can choose money that empowers or impoverishes them.
“You are free to choose money that empowers you rather than suffering from money that impoverishes you.
“I would buy all your bitcoin for $25, ” he wrote on Twitter on Monday.
The founder of Binance exchange, Changpeng Zhao, stated that bitcoin and Buffet don’t need each other.
“They don’t need each other. Warren has enough paper money and is happy. Bitcoin has enough supporters and growing,” he wrote on Twitter.