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(77WABC) — There’s been some skepticism from Warren Buffet about Bitcoin.
The Berkshire Hathaway CEO and one of the world’s richest people told shareholders on Saturday that Bitcoin is not a productive asset and doesn’t produce anything tangible.
“Whether it goes up or down in the next year, or five or 10 years, I don’t know,” Buffett said. “But the one thing I’m pretty sure of is that it doesn’t produce anything. It’s got a magic to it and people have attached magics to lots of things.”
Both Buffett and Berkshire Hathaway VP Charlie Munger have both made hostile comments towards Bitcoin in the past. Most famously Buffett said bitcoin is “probably rat poison squared.”
Munger echoed buffets opinion during the shareholder meeting. Bitcoin holders are in it for the long term hoping the cryptocurrencies value will rise.
