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- Warren Buffett has repeatedly criticized Bitcoin and other cryptocurrencies as risky and worthless.
- “I can almost certainly say they will end badly,” said the billionaire and CEO of Berkshire Hathaway.
- Bitcoin has soared up to 350% in the past year and has hit record highs.
- Here are Buffett’s 16 best quotes on crypto.
- You can find more stories on the Business Insider homepage.
Warren Buffett has been a vocal critic of Bitcoin in recent years and has repeatedly dismissed the cryptocurrency as worthless and a risky, speculative good.
Crypto fans have ditched warnings from the billionaire investor and Berkshire Hathaway CEO, pushing the price of Bitcoin up to 350% to record highs in the past year.
Here are Buffett’s 16 best quotes about Bitcoin and crypto, edited and condensed for clarity:
1. “Cryptocurrencies are basically of no value and they don’t produce anything. They don’t reproduce, they can’t send you a check, they can’t do anything, and you hope someone else will come and pay you more money for them later, but then.” this person has the problem. Regarding the value: zero. “- CNBC, February 2020
2. “It’s awesome and blockchain is important, but Bitcoin has no unique value at all, it doesn’t produce anything. You can stare at it all day and no little bitcoins come to us or anything. It’s basically a delusion.” – CNBC, February 2019
3. “If you and I buy different cryptocurrencies, they will not multiply. There will be no rabbits sitting in front of us. They will just sit there. And I must hope the next time you get more excited after I buy from you, and…” then I get more excited and buy it from you. We could sit in the house alone and further increase the price between us. But at the end of The time that a bitcoin sits and now we have to find someone. They are coming to an end. ” CNBC, May 2018
4. “Regarding cryptocurrencies in general, I can almost safely say that they will end badly. If I could buy a five-year put on any of the cryptocurrencies, I would love to, but I would never pay a dime worth it. “- CNBC, January 2018
5. “Probably squared rat poison.” – Interview with Fox Business at the 2018 meeting
6. “It’s basically a mirage. It’s a very effective way of transferring money, and you can do it anonymously and so on. A check is also a way of transferring money. Are checks worth a fair amount of money? just because they can transfer money. ” “I hope Bitcoin becomes a better method, but there are several ways you can replicate it. The idea that it has tremendous intrinsic value is just a joke in my view.” – CNBC, March 2014.
7. “It’s not a currency. It doesn’t pass the test of a currency. I wouldn’t be surprised if it doesn’t exist in 10 or 20 years. It’s not a permanent medium of exchange, it’s not a store of value. It was a very speculative type of buck Rogers-esque thing, and people buy and sell it hoping it will go up or down as it did a long time ago with tulip bulbs. “- CNBC, March 2014
8. “A rising price creates more buyers and people think ‘I have to get into it’ and it is better if they don’t understand. If you don’t understand, you get a lot more excited than if you understand.” – CNBC, May 2018
9. “It will be self-sufficient for a while and sometimes for a long time and sometimes for extraordinary numbers. But they will come to bad ends and cryptocurrencies will come to bad ends.” – Discussing speculative bubbles at Berkshire’s 2018 AGM.
10. “For the next 50 years, you will be much better off having productive assets than bits of paper or bitcoin.” – CNBC, March 2014
11. “I have enough problems with things that I think I know. Why on earth should I be long or short on something I don’t know about? We don’t need to know what cocoa beans are or cryptocurrencies, we just need to focus on eight or ten stocks. “- CNBC, January 2018
12. “It attracts a lot of charlatans. It’s something where people of less than outstanding character see an opportunity to curtail people who are trying to get rich because their neighbors will get rich if they buy this stuff that none of them get Understand them. It will come to a bad end. “- Annual General Meeting 2018
13. “Bitcoin was used to move a fair amount of money illegally. The logical step in introducing Bitcoin is to sell short suitcases, as the money that was brought from one country to another in suitcases – suitcases fall probably on demand. You can think of that as Bitcoin’s economic contribution to society. “- CNBC, February 2020
14. “We don’t own them, we don’t have shorts. We’ll never have a position in them.” – CNBC, January 2018
15. “I don’t have bitcoin. I don’t have cryptocurrency, I never will. I can start a Warren currency, maybe I can create one and say there will only be 21 million of it. You can have.” it after i die, but nothing you can do with it except sell it to someone else. “- CNBC, February 2020
16. “I’m really sorry it happened because people hope that something like this will change their lives.” – CNBC, February 2019