Berkshire Hathaway’s CEO, Warren Buffet, has gone to the public once more to bash Bitcoin. He gave all the usual arguments, stating that cryptocurrencies as a whole are considered “worthless.” This comes after TRON’s founder, Justin Sun, managed to get a meeting with the legendary investor. Alas, it seemed that Sun’s infamous skill in marketing and overhyping didn’t manage to do their job this time.
The only economic contribution of bitcoin is a fall in demand for suitcases because bitcoin makes it easier move money illegally, says Warren Buffett #btc #bitcoin #AskWarren pic.twitter.com/dyBTbyPRhk
— Squawk Box (@SquawkCNBC) February 24, 2020
Buffett: Crypto Is Worthless
Buffett gave his unchanged outlook through an interview with CNBC. He stated, as many have said before, that cryptocurrencies as a whole have no value. However, credit must be given to Buffet for making a new argument to denounce crypto: Crypto doesn’t produce anything.
According to Buffett, a crypto investor can look at the ledger item for 20 years, and that ledger will keep telling you that you have a specific amount of crypto. His argument stands that crypto is incapable of reproduction, delivering, mailing you a check, or doing “anything” for that matter.
The Many Claimed Inadequacies
If anyone should be surprised that you can’t grow a cryptocurrency coin like a potato or order pizzas for you and have it give you a check, is left up for debate. However, it falls within Buffett’s business strategy. It’s the same reason Buffett doesn’t invest in gold since he sees no use for it outside of the inherent value that can shift and possibly earn a profit. As time goes on, cryptocurrencies have become more and more useful, but it seems Buffett either doesn’t care about the innovation, or doesn’t care to find out.
The billionaire investor called the ownership of crypto a problem, explaining that you’re only capable of trading it amongst other investors, but then they’re stuck with it.
Justin Sun’s Failed Sales Pitch
In a bit of a disappointment, Warren Buffett has recently had dinner with none other than Justin Sun, the founder of Tron. Sun invited four other vital figures within the crypto industry to try and sway Buffet from his views. Within this dinner, Sun reportedly gave Buffett two Samsung Galaxy Fold smartphones. Within these phones, Sun added a single Bitcoin, as well as 1.9 million TRX tokens, along with a range of minor Sun-owned cryptocurrencies. While Sun was quick to boast about it, it seemed to fall on deaf ears.
At the very least, it increased the rarity in Sun’s cryptocurrencies due to Buffett refusing to use the ones in his wallet. From what can be gathered by the crypto community, this will only do Sun’s networks some good.