The 91-year-old, with a net worth of about $ 124 billion, is an avid cryptocurrency skeptic who once called Bitcoin a “rat poison in the square.” His arguments often revolve around digital assets that offer no tangible value, and the community has been quick to point out in this case that there are a myriad of uses and utilities in encryption that Buffett may not have researched. Speaking at the Berkshire Hathaway Annual General Meeting on April 30, Buffett commented on the encryption in relation to the growing overall adoption of the sector. He noted that while he has no idea if the value of BTC will increase forward, he is confident that “it does not produce anything”. Buffett said he would gladly write “a check this afternoon” worth $ 25 billion for 1% of all arable land or “apartment buildings” in the US, both of which produce useful products in the real world, but would not even spend $ 25. dollars for 100% of Bitcoin offer: “Now, if you told me you owned all the Bitcoin in the world and offered it to me for $ 25, I would not take it because what would I do with it? I should sell it back to you one way or another. He is not going to do anything. “The apartments will produce rent and the farms will produce food.” “Assets, in order to have value, must offer something to someone. “And there is only one currency that is acceptable,” he added. Well-known proponents of encryption mocked Buffett’s comments on Twitter over the weekend. Warren Buffett believes encryption is worth zero is funny BC. has literally no idea that ethereum just put a customer to pay $ 150 million to use the software for 2 hours. – Ξ (@scott_lew_is) 1 May 2022 Co-founder of leading cryptocurrency company Andreessen Horowitz (a16z) Marc Andreessen noted that “it’s so wild to say these things while clearing diabetes”, referring to a set of See’s Candies and soft drink boxes in Buffett’s office during of speech. . In response, Tesla CEO and Twitter owner Elon Musk said, “haha he says ‘Bitcoin’ so many times.” MicroStrategy CEO Michael Sailor said “not everyone can stop talking about Bitcoin.” Haha says “Bitcoin” so many times – Elon Musk (@elonmusk) May 1, 2022
Jamie Damon makes a small compliment on encryption
An encryption skeptic who at least alleviates their attitude is JPMorgan CEO Jamie Dimon. The banker once described Bitcoin as a “scam” and repeatedly said he was not interested in supporting the industry on a personal level, despite the fact that JP Morgan has made significant strides in digital assets over the past two years. Speaking to Omaha-based news agency KMTV 3 on Friday, Dimon said that while he still does not particularly like encryption and urges caution when investing in it, “he will defend your right to do so.” He also went on to emphasize that encryption serves important occasions of use, especially with regard to cross-border payments: “It’s not all bad. If you tell me “I want to send $ 200 to a friend in a foreign country”, this can take you two weeks and cost you $ 40. “You could do it with a digital currency and it will take you seconds.”
