It isn't a productive asset.
Jamie Dimon, the CEO of J.P. Morgan Chase, had once called Bitcoin a fraud but has since changed his mind and allowed the bank to deal in crypto-based assets. 91-year-old Buffett, though, has not been easy to convert. Reiterating his stand against the cryptocurrency, Buffett said that he would happily pay $25 billion for a one-percent stake in a hypothetical consortium that owned all the farmlands and apartments in the U.S. However, he wouldn't even pay $25 for all the Bitcoin in the world.
Explaining his hard stance, Buffett said that while farmlands produced food and apartments would yield rents, Bitcoin wasn't a productive asset, and he couldn't do anything with it except sell it back to another person, one way or another. Buffett admitted that Bitcoin allured a lot of people because it had a type of"magic" to draw investors. He did not know whether Bitcoin would go up or down in the future but was sure that it wouldn't multiply; it wouldn't produce anything. Buffett has previously warned that cryptocurrencies"will come to a bad ending," but his company will never have a position on them.
Cryptocurrencies have always been volatile throughout their short history. Last year, their total market cap hadGET YOUR DAILY NEWS DIRECTLY IN YOUR INBOX
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