![]() ![]() Read more: Grow your hard-earned cash without the shaky stock market with these 3 easy alternatives 3. “Are checks worth a whole lot of money just because they can transmit money?” But: “a check is a way of transmitting money too,” he said. He adds that it’s a very effective way of anonymously transmitting money. “It is not a durable means of exchange, it's not a store of value.” “It does not meet the test of a currency,” the billionaire said on CNBC in 2014. But does it meet the three criteria of money? According to the most common definition, money is supposed to be a means of exchange, a store of value, and a unit of account. I don't own any cryptocurrency, I never will,” he told CNBC back in 2020.Īs a tradeable asset, Bitcoin boomed. He doesn’t think crypto counts as moneyīuffett has made his share of extremely cutting remarks about Bitcoin and cryptocurrency over the years: “I don't have any Bitcoin. As Buffett sees it, Bitcoin’s value comes from the optimism that someone else will be willing to pay more for it in the future than you’re paying today. Though Bitcoin is intended to provide real value as a payment system, that use is still pretty limited. “They don't reproduce, they can't mail you a check, they can't do anything, and what you hope is that somebody else comes along and pays you more money for them later on, but then that person's got the problem.” But cryptocurrencies don’t have real value, Buffett said in a CNBC interview in 2020. The billionaire investor doesn’t like Bitcoin because he considers it an unproductive asset.īuffett has a well-known preference for stocks of corporations whose value - and cash flow - come from producing things. Other than Bitcoin's disappointing track record, here are three more reasons Buffett won’t go near it. Over 65% of Americans don't shop around for a better car insurance deal - and that could be costing you $500 a month Want to invest your spare change but don't know where to start? There's an app for that You could be the landlord of Walmart, Whole Foods and Kroger (and collect fat grocery store-anchored income on a quarterly basis) owned all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it,” Buffett told CNBC earlier this year. What would world's most famous investor say to those who might be thinking of firing up their investment apps and buying Bitcoin at a bargain price? Holdout investors who once thought they’d missed an opportunity of a lifetime are now sighing with relief meanwhile, those who bought in at the peak are trying not to think about their losses. "They will come to a very bad ending," Warren Buffett told CNBC at the time.Īfter hitting an all-time peak of around $69,000 per unit on November 10, 2021, the world's leading digital currency has since erased roughly 76% of its value, sitting at just under $16,000 as of 4:30 pm on Wednesday. ![]() It's been a tough year for Bitcoin and its backers.Īnd even back in 2018, the Oracle of Omaha predicted that it and other cryptocurrencies were headed for trouble. 'They will come to a bad ending': A year since its $69K peak, Bitcoin has plummeted more than 70% - here's why Warren Buffett has hated cryptocurrency all along ![]()
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