Warren Buffett said anyone who thinks the United States would move away from the dollar to a cryptocurrency is 'out of their minds.'
In a comparison between taking 1% ownership of all the land or apartment buildings in the United States at-value or 100% of the global supply of bitcoin for $25, CEO Warren Buffett said he would never take the bitcoin. "I have to sell it back to you one way or the other … it isn’t going to do anything," Buffett said.
"That’s the difference between productive assets and something that depends on someone paying you more than the last guy got," he added. Charlie Munger, vice chairman of Berkshire Hathaway Inc., speaks to members of the media during a shareholders shopping day ahead of the Berkshire Hathaway annual meeting in Omaha, Nebraska, U.S., on Friday, May 3, 2019.
"We can put up Berkshirecoins or put up Berkshire money … but in the end, this is money, and there’s no reason in the world why the United States currency, which people trust more … this is the only thing that’s money," he argued, adding that anyone who thinks the United States would move away from the dollar to a cryptocurrency is "out of their minds."
Berkshire Vice Chairman Charlie Munger agreed with his partner's assessment, though used characteristically blunt terms to present his stance.
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