Berkshire Hathaway CEO and crypto critic Warren Buffett has likened bitcoin to a seashell that “just sits there” for its purported lack of real use value.
“It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me,” he said.
Buffett used this metaphor during a press meeting ahead of the Berkshire Hathaway annual shareholders’ meeting in Omaha, Nebraska, CNBC reported on May 4.
Buffett went further likening Bitcoin to a button:
“I’ll tear off a button here. What I’ll have here is a little token…I’ll offer it to you for $1000, and I’ll see if I can get the price up to $2000 by the end of the day…But the button has one use and it’s a very limited use.”
Warren Buffet is known worldwide for is amazing investment strategies so it seems odd that he did not appreciate the potential of Bitcoin and eventually turned into its fierce critic. The investment guru doesn’t believe that BTC has any real value and claims that the currency simply doesn’t produce anything.
“The asset itself is creating nothing”. He also stated: “In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending,” he said in interview for CNBC.
As a reminder, earlier this year, Buffett called the first cryptocurrency “rat poison squared”, but gave a high rating to the blockchain.