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Bitcoin "Very Likely" Going to Zero, Says Warren Buffett's Right-Hand Man

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Sun, 05/01/2022 - 09:09
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Alex Dovbnya
Neither Berkshire Hathaway CEO Warren Buffett nor his right-hand man has warmed up to Bitcoin
Bitcoin "Very Likely" Going to Zero, Says Warren Buffett's Right-Hand Man
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Berkshire Hathaway Vice Chairman Charlie Munger took aim at Bitcoin during the company’s annual shareholder meeting in Omaha, predicting that the world’s largest cryptocurrency will "very likely" collapse to zero.  

CEO Warren Buffett doesn't know whether Bitcoin will go up or down in value over the next few years, but he still doesn't want to do anything with it.           

The 91-year-old entrepreneur, whose net worth is estimated to be $124.3 billion, has reiterated that Bitcoin doesn’t produce anything.

Buffett says that he wouldn’t pay even $25 to buy all the existing coins in circulation. “I wouldn’t take it because what would I do with it?” said the “Oracle of Omaha.”    

One of the most famous investors of all time claims that Bitcoin stands no chance against the U.S. dollar.

Munger was even harsher in his critique of the world’s largest cryptocurrency, describing it as “stupid” and “evil.” The billionaire believes that it undermines the U.S. Federal Reserve, which the U.S. "desperately needs." As reported by U.Today, he also likened the top cryptocurrency to a "venereal disease" in February.              

Buffett also harshly criticized Wall Street for turning the market into a “gambling parlor.” He believes that the financial industry encourages risky behavior. At the same time, Berkshire Hathaway has made a big bet on the stock market, purchasing $51.1 billion worthof of shares during the first quarter amid a significant correction. The conglomerate's stock portfolio is now worth a whopping $390 billion.   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.