Berkshire Hathaway CEO Warren Buffett, the fourth richest person on the globe, is currently sitting on a $137 bln pile of cash, which means that he can gobble up Bitcoin’s entire circulating supply.
On the off chance that “the Oracle of Omaha” does decide to go all-in on crypto, Binance CEO Changpend Zhao says that he is unlikely to succeed.
Cash can’t buy you everything
CZ explains that the 89-year-old billionaire would need all holders to sell him their existing coins at current prices. This seems extremely far-fetched since most of them expect significant price appreciation in the long-term.
This is where math is deceiving.— CZ Binance 🔶🔶🔶 (@cz_binance) May 2, 2020
It's only true if EVERY hodler is willing to sell at the current price, which is obviously not true, as there is no 21m BTC sell wall.
Alas, Mr. Buffet will only be able to buy a small portion of bitcoins, and at very high prices at that. 😀
Hence, Buffett will have to be content with a very small portion of BTC that he will manage to buy “at very high prices.”
CZ, whose net worth is estimated to be at $2.6 bln, claims that he only holds a minuscule amount of fiat, and he doesn’t plan to sell his crypto riches.
Buffett says crypto has no value
Of course, the fact that Buffett has stockpiled a mountain of cash doesn’t mean that he intends to touch Bitcoin. After missing out on Google and Amazon, he continues to dismiss crypto.
The legendary investor once called the cryptocurrency “rat poison squared” and “a mirage.” During his 2020 CNBC interview, he once again attacked crypto by saying that it had “no value.”
Too many planes, too few orange coins
Given how unabashedly Buffett criticizes BTC, it doesn’t come a surprise that crypto Twitter had a field day when Berkshire Hathaway announced a staggering $50 bln Q1 loss due to the COVID-19 crisis that pummeled the company’s airline stocks.
BREAKING: Warren Buffett says his views on the airlines has changed because of COVID-19. “I don’t know that 3-4 years from now people will fly as many passenger miles as they did last year .... you’ve got too many planes.”— Becky Quick (@BeckyQuick) May 2, 2020
RT host Max Keiser has recently tweeted that loading up BTC before it hits $100,000 is the only way for Buffett to save his face.
Buffett trash-talked #Bitcoin now he’s bleeding out of every orifice— STACY IS MY WIFE, BACK OFF (@realmaxkeiser) May 2, 2020
Maybe he learned his lesson and will load up on #Bitcoin before it hits $100,000
This is the only way he can restore his reputation at this point