Warren Buffett will not pay $25 for all Bitcoin in the world

Warren Buffett will not pay $25 for all Bitcoin in the world ...

Warren Buffett, the CEO of Berkshire Hathway and one of the world''s top 10 billionaires, hasn''t fought off cryptocurrency yet and appears to be planning it anytime soon. According to CNBC, Buffett said he wouldn''t pay even $25 for all Bitcoin in the world.

Elon Musk, who not only accepts Bitcoin for the automobiles his company manufactures, but also has been pushing retail outlets to accept cryptocurrencies for a long time.

While the Winklevoss twins have made and lost fortunes in cryptocurrency, but still stand by them, Buffett isn''t alone. While Bill Gates is still favorable to a digital economy, the American financier and Wall Street''s most powerful investor, Carl Icahn, has called cryptocurrencies ridicule. In the same time, the Winklevoss twins have made and lost trust in blockchain technology.

Jamie Dimon, the CEO of J.P. Morgan Chase, had once called Bitcoin a fraud, but has since changed his mind and enabled the bank to deal in crypto-based assets. Buffett, though, has not been a problem.

Why is Warren Buffett against Bitcoin?

Buffett reiterated his support for the cryptocurrency. He said he would pay $25 billion for a one-percent stake in a hypothetical group in the United States. However, he wouldn''t pay $25 for all Bitcoin in the world.

Buffett explains his displeasure by saying that while farmlands produced food and apartments would yield rents, Bitcoin was not a productive asset, and he couldn''t do anything with it unless he sells it back to another person, one way or another.

Buffett admitted that Bitcoin appealed to a large number of people because it had a "magic" to attract investors. He did not know whether Bitcoin would go up or down in the near future, but was sure that it wouldn''t multiply; it wouldn''t be sufficient.

Buffett has previously warned that cryptocurrencies "will come to an end," but his company will not have a control over them.

Cryptocurrencies have always been a rocky history. Last year, their total market cap had crossed $2 trillion, but has since dropped to $700 billion, according to CNBC.

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