Warren Buffett said if it was offered to me
Buying all the available bitcoin in the world for only $ 25, I will not accept it " and I will have to sell it one way or another! This is what the American billionaire and investor " Warren Buffett " said in his meeting " with the shareholders of the company " Berkshire Hathaway " which he manages . Buffett explained why he rejected Bitcoin and its sister cryptocurrency by saying that investments are in productive assets that provide us with value. Real estate can be profited from even without selling.
For example, apartments can be offered for rent and farms can produce food. As for Bitcoin, according to Warren Buffett, it is just something that depends on maybe someone can buy it and wait for its price to rise to sell it to someone else, attracting investors to it with its violent fluctuations.
In November 2021, the bitcoin price rose to an all-time record high, breaking the $68,000 barrier, bringing the bitcoin market value to $1.1 trillion, but it has fallen since then, and the bitcoin price in May 2022 reached about $32,000, with a market value of $607 billion.
Despite this significant drop, it is not comparable to the value of bitcoin in May 2010 when a British programmer named "Laszlo Hanic" exchanged two pizzas from "Papa John's" for 10 thousand bitcoins. The value of the bitcoin at the time was $0.003, meaning he got two pizzas for $30.
By comparison, the value of the 10,000 BTC Hanić paid is estimated to be around $320 million in May 2022. Warren Buffett is not the only rejection of Bitcoin. There is the American billionaire Bill Gates and the founder of Alibaba, Jack Ma, who described the digital currency as a bubble.
As they are not issued by a central bank, their value is affected by the absence of controls and oversight, and their value becomes subject to news, rumors, and price fluctuations according to their availability and demand.
But there are Bitcoin supporters such as Twitter co-founder Jack Dorsey, who sees Bitcoin as the world's future currency for the next 10 years.
Finally, I hope you will benefit from this article
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