Warren Buffett says he wouldn't pay $25 for all the Bitcoin in the World

At the annual shareholder meeting of Berkshire Hathaway held on Saturday, Warren Buffett and Charlie Munger profoundly criticized bitcoin and the broader cryptocurrency industry. Warren buffer said, "If you told me you owned all the bitcoin in the world and you offered it to me for $25, I wouldn't take it. What would I do with it?" On the other hand, he told that he would rather buy a portion of the country's farmland, or some of the nation's apartments. He reemphasized his opinion that bitcoin isn't worth anything because it doesn't produce anything, and investors depend on somebody else who is willing to pay more for it than they did.

While comparing Bitcoin to an insurance company, Buffer commented, “It's got a magic to it, but people have attached magic to lots of things.” His business partner, Charlie Munger slammed cryptocurrency in a much harsher way than Buffet. Munger said, "In my life, I try and avoid things that are stupid, evil, and make me look bad in comparison to someone else. Bitcoin does all three.” He later explained that owning bitcoin is "stupid" because he expects it to be worth zero dollars in time, "evil" because it undermines the integrity and stability of the US financial system, and makes the US "look foolish" because China's ruling party was smart enough to impose a ban on it.