Elon Musk has criticised the famed investor Warren Buffett after the Berkshire Hathaway chief executive again slammed bitcoin.
It’s “wild” that Buffett can criticise bitcoin “while nakedly shilling diabetes,” as crypto-backing venture capitalist Marc Andreessen put it in a tweet, which Musk responded to by saying, “Haha, he says ‘bitcoin’ so many times,” in reference to Buffett covering himself on stage with boxes of See’s Candies.
During Berkshire Hathaway’s annual shareholder meeting on Saturday, Warren Buffett and his right-hand man, Berkshire Hathaway’s vice chairman Charlie Munger, both reaffirmed their well-known disdain for bitcoin and cryptocurrencies.
I have no idea if [the bitcoin price] will go up or down in the next year, five years or ten years, “says Buffett, expressing his long-standing distaste for bitcoin since it doesn’t produce anything tangible—unlike companies or property. According to data from CoinMarketCap, the price of a single bitcoin has fallen over 40 percent in the last several months.
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“For $25, I wouldn’t accept an offer to buy all of the bitcoin in the world from you since I have no idea what I’d do with it. I’d have to find a method to get it back from you. It won’t have any effect.”
“In my life, I try to avoid things that are foolish and nasty and make me look terrible… and bitcoin accomplishes all three,” Munger said during Berkshire Hathaway’s shareholder meeting.
Bitcoin, cryptocurrency, and the current stock market trading boom powered by Robinhood, which Buffett and Munger have compared to a casino, are all things that both men have previously railed against.
Response from the Bitcoin and Cryptocurrency community to Buffett’s critique of Bitcoin has been hate. “Bitcoin’s enemy number one,” libertarian tech billionaire Peter Thiel said last month during a rant against a “financial gerontocracy” that he said was trying to keep cryptocurrencies out of the mainstream. “Sociopathic grandfather from Omaha,” Thiel called Buffett.
The meme-based cryptocurrency dogecoin, which Musk and other high-profile investors have backed in the past, has soared to the top of the cryptocurrency rankings owing in part to Musk’s backing. The price of dogecoin has plummeted about 80 percent from its May 2021 highs, though.