Warren Buffett Slates Bitcoin, Denies Owning Crypto Gifted by Justin Sun

Home » Warren Buffett Slates Bitcoin, Denies Owning Crypto Gifted by Justin Sun

“I don't have bitcoin. I don't have cryptocurrency, I never will … You can't do anything except sell it to someone else.” Thus claims Warren Buffet in an interview this week on CNBC. During the two-minute segment, billionaire investors knocked down the bitcoin value proposition, and inadvertently provided shelter for lunch guests with $ 4.6 million Justin Sun.

Buffet Gives Bitcoin Both Barrels

In an interview with CNBC, Warren Buffet insisted that “bitcoin has been used to move money illegally” and that “cryptocurrency basically has no value, they don't produce anything.” Calling a palpable insult, Buffett added, “You can see your ledger items for the next 20 years and it says you got X from this or that cryptocurrency; it doesn't reproduce; it doesn't provide; it can't send a check to you, it can't do whatever. And what you expect is someone else comes and pays you more for that later. But then that person has a problem. But in terms of the value [assigned to cryptocurrency], zero. “

Buffett then laughed awkwardly when he heard Sun's claim that he owned bitcoin, saying, “I don't have bitcoin. I don't have cryptocurrency, I never will … You can't do anything except sell it to someone else. “

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The only economic contribution of bitcoin is the decrease in demand for luggage because bitcoin makes it easier to move money illegally, says Warren Buffett #btc #bitcoin # AskWarren2689: 18 PM – 24 Feb 2020 Advertising and privacy information198 people talk about this

As always, Twitter crypto is available to provide thought-provoking nuggets: “The luck of Warren's life depends on the value of safeguarding the USD. Must take his opinion with a grain of salt in this area “;” He obviously has never seen or used dapp “;” People like Warren Buffett want you to save less, not more. They want you to invest in their shares or consume their products. This is why Buffett hates bitcoin. “

Breaking Down Buffet’s Bitcoin Indictment

Crypto may not be able to “send a check to you” as Buffet notes, but it can be guaranteed for loans, spent in more and more brick and mortar places, which are used to strengthen a growing ecosystem such as open finance, and are used as a store of value interesting given its unquestioned status as healthy money. That is, with some distance, the best-performing assets of the last decade.

In addition, criticism that you “cannot do anything except sell it to others” can be easily leveled with gold, a commodity that has more than a few similarities with bitcoin, the most important thing is that you cannot arbitrarily pump more gold enter the market and dilute the purchasing power. That can also be leveled against stocks.

A Meeting of Minds

Last June, Tron spokesman Justin Sun decided to spend more than $ 4 million on dinner with Berkshire Hathaway CEO Buffett, using smart funds. In fairness, even though lunch is a gift, millions of people go to the San Francisco-based non-profit GLIDE Foundation whose beneficiaries include individuals from economically disadvantaged communities. Even if it was an expensive publicity stunt, Sun made a good shift in the process and he made a point of mentioning that Bittorrent and AS Tron's headquarters were in the same city as GLIDE.

During the event, the long-standing debate that Sun debated with doyen investment Warren Buffett was one of the most talked-about (or absent) events in crypto last year: entrepreneurial beginners met with Oracle billionaire from Omaha. After distributing $ 4.57 million at a charity auction to break bread with Buffett, Sun had to cancel citing kidney stones, before dinner finally happened at the end of January.

Given the seven-month delay, people were eager to hear about the nature of the 3.5-hour discussion. Sun shed a lot of light on Twitter, saying “An amazing dinner with @WarrenBuffett finally! Thank you for your support & advice on how to take Tron to the next level! Happy to talk about Bitcoin, Tesla & Tron! Nice to support @GLIDEsf too! C U at # BRK2020 & eating our reunion in 2030! “

Sun also mentioned the price of food ($ 515.05), stating that the insight he received was “priceless,” and that he had sent his first bitcoin Buffett, which was stored in the Samsung Galaxy Fold that Sun carried as a gift. The CEO of Tron even noted that the price of BTC had risen 16% at the time he made a donation, and that Buffett was “impressed by the #TRON speed.”

Bitcoin Long, Short Suitcase!

Wait until Buffett hears that Wells Fargo, one of the companies where he has a minority stake, is consciously helping the Sinaloa drug cartel wash millions of dollars … 2,45411: 46 PM – 24 February 2020 Advertising and privacy information 836 people are talking about this

After all the buildup, takeaway seems to be a skepticism which Buffett quietly remains unchanged. Asking the octogenarian to do the ideology always seems ambitious. But Buffett's rebuttal that he accepts bitcoin from Sun is a little more confusing. Either someone is lying, or one of Buffett's assistants accepts the crypto given by Buffett, which allows both parties to claim justification for a technical matter.

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