Speaking at Berkshire Hathaway’s annual shareholder meeting on April 30, billionaire investor Warren Buffett commented on cryptocurrency due to its growing proliferation. He noted that while he has no idea if the value of BTC will rise in the future, he’s confident that “it’s not producing anything.”
Buffett claimed that he would gladly write a $25 billion check for 1% of all farmland or “apartment buildings” in the U.S. because they produce real utility, but would not spend $25 for 100% of the entire bitcoin supply.
“Now if you told me you owned all the bitcoins in the world and offered them to me for $25, I wouldn’t take them because what would I do with them? I would sell them back to you one way or another. Bitcoin doesn’t produce anything. Apartments will produce rents and farms will produce products. Assets, to have value, have to produce something for someone. And only one currency is accepted,” he added.
For his part, Elon Musk commented on the statement in a post, “Ha ha, he repeated the word bitcoin so many times.”
And MicroStrategy CEO Michael Saylor added that Warren Buffett and Charlie Munger are doing bitcoin marketing again.