Warren Buffett explains why he hates cryptos

Bitcoin (BTC) reached an all-time high on November 10, 2021, worth $69,000 per token. But from this period of prosperity until today, it has lost almost 75% of its value. Since then, the flagship crypto has gained supporters, but also many detractors. Speaking of which, it seems that the most famous investor in the world, Warren Buffett, is one of the latter.

Over time, Warren Buffett has shown his antipathy for cryptos

Crypto investors have lost a lot this year. Currently, the crypto community complains about BlockFi, FTX, and OneCoin customers in particular. Meanwhile, critics of the industry are stepping up to discredit it. In this regard, Yahoo Finance recently published an article addressing the opinion of famous investor Warren Buffett on crypto. The article reviews Warren Buffett’s statements over the years about bitcoin and cryptos.

It appears that in 2018, Warren Buffett, aka the Oracle of Omaha, declared than cryptos”will meet a very bad end“. He made the remarks during a CNBC interview at that time. That said, the billionaire investor hates bitcoin in part because he would “no unique value“.

Warren Buffet Opposes Cryptos

In 2020, interviewed by CNBC, he explained that cryptos have no real value. “They don’t breed, they can’t send you a check, they can’t do anything, and what you’re hoping for is someone else to come along and pay you more money for them later, but then this person has a problem“, he said.

In addition, in 2014, Buffett hinted that the flagship crypto is a mirage. For him, it cannot be considered as money, “eit does not meet the criterion of a currency“.

He clarified that bitcoin “is not a sustainable medium of exchange“and certainly not”a store of value“. Finally, this year, Warren Buffett said: “If you had all the bitcoins in the world and offered them to me for $25, I wouldn’t take them.“.

Warren Buffett is used to investing in companies whose value is based on the production of goods. In this context, he explained that he understands nothing about crypto. “Why should I go long or short on something I know nothing about?exclaimed Buffett.

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