Can Warren Buffett Buy All Bitcoin (BTC) in Circulation? Binance CEO Shares His Take

Latest Cryptocurrency News
Sun, 05/03/2020 - 10:07
Alex Dovbnya
No, billionaire Warren Buffett cannot buy Bitcoin’s entire circulating supply, but it’s not like he wants to touch crypto anyway
Can Warren Buffett Buy All Bitcoin (BTC) in Circulation? Binance CEO Shares His Take
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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.     

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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.

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.       

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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.”

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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. 

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. 

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.