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Warren Buffett Says Crptocurrencies Have No Value And Are Mirages

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Berkshire Hathaway CEO and Chairman Warren Buffett reaffirmed his aversion to cryptocurrencies during an interview with CNBC on 24th February 2020.

 

“Cryptocurrencies basically have no value and they don’t produce anything. In terms of value: zero. I don’t own any cryptocurrency and I never will,” he said during the interview.

 

“You can’t do anything with it except sell it to somebody else. But then that person’s got the problem,” he added.

 

This is not the first time the 89-year-old billionaire has criticised the world’s cryptocurrency. In 2018, he said of Bitcoin: “probably rat poison squared,”  ahead of Berkshire Hathaway’s annual shareholder meeting. He described the currency as a “mirage,” “not a currency,” and also called it “tulips”.

 

Berkshire Vice Chairman Charlie Munger also described cryptocurrency as a “turd,” and said that trading cryptocurrencies is “just dementia.”

 

In 2019, Justin Sun, the founder of cryptocurrency TRON made a bid of $4.57 million in a charity auction for a meal with Buffett.

 

Warren Buffett Cryptocurrencies
Warren Buffett believes cryptocurrencies are of no value

 

“When Justin and four friends came, they behaved perfectly and we had a very friendly 3½-hour dinner and the whole thing was a very friendly exchange of ideas,” Buffett said regarding the encounter. However, neither Justin nor his friends were able to change his mind.

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Sun claims to have given Buffett a pair of Samsung Galaxy Fold smartphones loaded with a bitcoin and nearly $2 million worth of TRON’s cryptocurrency. Buffett, however, says he doesn’t own any cryptocurrency.

Warren Buffett believes Bitcoin is used to move money illegally

Buffett in his interview with CNBC said that none of his businesses uses bitcoin. He also highlighted its usage for possible illicit purposes.

 

“Bitcoin has been used to move around a fair amount of money illegally,” Buffett said.

 

He, however, gave kudos to Sun for paying the record amount for their charity meal.

 

“Justin gave $4.6 million to Glide and that will buy a lot of meals and provide a lot of beds for people in San Francisco. I thank him,” Buffett said.

 

Buffet auctions off the chance to eat with him yearly so as to raise money for Glide, a homeless charity in San Francisco.

 

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