Buffett, Berkshire Hathaway''s CEO and chairman, has outlined their feelings toward crypto in the past; he once referred to Bitcoin as "rat poison squared." At his company''s annual shareholder meeting on Saturday, Buffett once again rallied against digital currencies and why they are a bad investment.
"If you said you owned all of bitcoin in the world and you offered it to me for $25, I wouldn''t take it," Buffett said. "What would I do with it?"
People are told by Buffett where they can keep their Bitcoin.
Buffett drew a deeper definition of why he dislikes Bitcoin more than cheerfully.
"If you agreed to pay our group $25 billion for a 1% interest in all of the farmland, I''ll send you a check this afternoon," the investor said. "[For] $25 billion, I''ll give you all of the bitcoin in the world, and you paid $25 for it, and I''ll take it because I''d need it back 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 produce goods."
Charlie Munger, the head of Berkshire Hathaway, has been so cynical about Bitcoin in the past. He said holding onto the cryptocurrency was "stupid" as he predicted its value would drop to zero in time, and the crypto is "evil" because it undermines the integrity and stability of the US financial system, and it makes the US "look foolish"
When someone asks how much he loves BTC, Charlie Munger''s face is ruffled.
"In my life, I try and avoid things that are stupid and evil, and make me look awful in comparison to someone else," Munger said. "Bitcoin is a responsible person."
The 91-year-old Elon Musk is a huge fan of Dogecoin; Buffett isn''t too much of an avid fan; Munger, who was born in the same year Lenin died, appears to think it''s the work of the devil.
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Buffett may not like crypto, but believes in video games'' earning power. Activision Blizzard has increased its share in Berkshire Hathaway from 2% as of the end of year to 9.5%, bringing the total amount to $5.6 billion.
Buffett has made an especially impressive move, claiming it was entirely his decision, considering that the merger of Activision Blizzard at Microsoft is in disarray due to the Federal Trade Commission''s scrutiny of the deal. The company''s stock is currently $75, far below Microsoft''s offer of $95 per share and the $82 they received following the announcement.
The financial uncertainty posed by the Federal Trade Commission (FTC) in February is based on the acquisition. Activision Blizzard would make Microsoft the third-largest video game company after Tencent and Sony, and that''s prompted regulators to investigate potential antitrust issues.
Fortune Live Media: Image Credit for Buffett (center)