Sun. Aug 7th, 2022

Billionaire investor Warren Buffet has refuted the claim that he now owns Bitcoin after his lunch meeting with Tron founder, Justin Sun.

Buffet Denies Owning Bitcoin

Warren Buffet has revealed that he doesn’t hold any Bitcoin and doesn’t intend to purchase the cryptocurrency in the future. This comes after several reports claiming that the billionaire investor owns Bitcoin, after his lunch meeting with Justin Sun.

However, Buffet stated that he doesn’t believe in Bitcoin as it doesn’t hold any value. In a two minute interview with CNBC, Buffet said that he doesn’t have any Bitcoin nor any other cryptocurrency for that matter since he can’t use it for anything except to sell it to someone else.

He insisted that Bitcoin has become a vehicle for moving illegal money around the world and that cryptocurrencies have no value and, as such, they cannot produce anything. He added that, “You can look at your little ledger item for the next 20 years, and it says you’ve got X of this cryptocurrency or that; it doesn’t reproduce; it doesn’t deliver; it can’t mail you a check, it can’t do anything. And what you hope is that somebody else comes along and pays you more money for it later on. But then that person’s got the problem. But in terms of value [assigned to cryptocurrencies], zero.”

Buffet laughed at claims by Justin Sun that the renowned investor now owns Bitcoin. He corrected that he doesn’t have any Bitcoin or any other cryptocurrency for that matter, and he doesn’t intend to buy any in the future. “

This isn’t the first time that Warren Buffet has slammed Bitcoin and other cryptocurrencies. The famous investor, who made a fortune from investing in traditional assets, has always maintained that cryptocurrencies don’t have value since they don’t produce anything. He has always viewed them as gambling instruments rather than investments. As assets that lack intrinsic value, Buffet believes there is no need to invest in cryptocurrencies or other similar digital assets. It is, therefore, not surprising that he made these statements.

Cryptocurrency Community Counter Buffet’s Claims

The cryptocurrency community was on hand to counter some of the claims made by Warren Buffet. According to Crypto Twitter, Buffet’s opinions have to be taken with a grain of salt as he doesn’t have adequate knowledge of cryptocurrencies. Crypto Twitter stated that Buffet’s fortunes depend on the USD (US dollar) maintaining its value. As such, his opinion on this matter wouldn’t be valid. People like Buffet want you to spend more and save less. They want people to invest in stocks and consume their products. Thus, the reason why Buffet does not support Bitcoin, Crypto Twitter added.

Buffet was also wrong in some assertions regarding cryptocurrencies. While they might not be able to mail you a check, cryptocurrencies can be collateralized for loans, thousands of online and offline stores currently accept them, they are used to power growing ecosystems like open finance, as well as a wide range of other uses.

Regarding Buffet’s claims that you can’t use Bitcoin for anything asides sell it to another person, the same can be said of gold and stocks. They are basically bought to be sold at higher prices.

By Gerelyn