Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
Warren Buffett continues to argue that Bitcoin is worthless, therefore he wouldn’t spend USD $25 to pay for all the Bitcoin in the world. Other billionaires scoffed at his stance.
For a long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. time the CEO of Berkshire Hathaway, Warren Buffett, has reiterated his stance against Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. . Suffice it to recall that he was the author of the “famous” phrase: “Bitcoin is rat poison squared. “, which he repeated in 2018.
Considered by the magazine Forbes As the 5th richest man in the world, with a fortune estimated at USD $116.6 billion, 91-year-old Buffett has done nothing but criticize the crypto major, that other billionaires like him defend it. He argues that he cannot invest investing is when you put money in a financial scheme with the intent of making a gain. in cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. citing the lack of an intrinsic value.
All existing Bitcoin for USD $25
While speaking at the annual meeting of the shareholders of Berkshire Hathaway Buffett pointed out the lack of tangible value of Bitcoin and referred to how sectors such as agriculture and real estate have more tangible returns, as opposed to Bitcoin . He emphasized that even if you are offered the entire Bitcoin for the cheaper price, he would probably sell it again given the asset’s lack of utility.
“Now, if you told me you owned all the Bitcoin in the world and offered it to me for $25, I wouldn’t take it because what would I do with it? I’d have to sell it to you one way or another. It’s not going to do anything. Apartments are going to produce rents and farms are going to produce food.” Buffett said. You can watch his full speech at CNBC .
In addition, media reports such as Finbold that Buffett seemed to question the origin of Bitcoin as the product of an individual, Satoshi the smallest unit of bitcoin with a value of 0.00000001 BTC. Nakamoto, who remains anonymous. Despite the fact that Bitcoin is increasingly used as a form of payment, Buffett noted that while more digital digital technologies are these electronic tools that have the ability to generate, store or even process data. financial assets would emerge, the dollar remains the real money.
In the same camp as Buffett is the company’s 98-year-old vice chairman, Charlie Munger, who said that Bitcoin is “stupid” and that its “evil” attributes make America look bad. In 2018, Munger had called the crypto of “disgusting.”
The mockery of other millionaires in Twitter
Buffett’s words were commented on by several famous billionaires.
Venture capitalist Marc Andreessen shared the video of Buffett’s speech with the following words:
Es tan descabellado que dice estas cosas mientras acusa abiertamente a la diabetes.
It’s so wild he says this stuff while nakedly shilling the act of enthusiastically promoting a cryptocurrency or ICO project. diabetes. pic.twitter.com/k4cy20PVpd
– Marc Andreessen (@pmarca) May 1, 2022
Elon Musk, the world’s richest man with $246 billion in assets, owner of Tesla and SpaceX, and now Twitter, said in response to this tweet:
Haha it says “Bitcoin” so many times.
Haha he says “Bitcoin” so many times
– Elon Musk (@elonmusk) May 1, 2022
Also Michael Saylor, CEO of MicroStrategy (the company that has bought the most BTC), he said:
Everyone can’t stop talking about #Bitcoin .
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