While the price of Bitcoin is now hovering at $38,000-$40,000 per digital coin, billionaire Warren Buffett has stated that he will not pay even $25 for all of the digital coins in the world.
According to CNBC, Buffett noted at Berkshire Hathaway’s annual shareholder meeting that Bitcoin is not a productive asset that produces anything tangible. “I wouldn’t accept it if you told me you owned all of the Bitcoin in the world and offered it to me for $25 because what would I do with it?” In any case, I’d have to sell it back to you. He was reported in the report as stating, “It’s not going to accomplish anything.” “It doesn’t matter if it goes up or down in price in the next year, five years, or ten years. But there’s one thing I’m certain of: it doesn’t generate anything,” Buffett continued. “It has a magic to it, and people have connected magic to a lot of things,” Buffett remarked, whose Berkshire Hathaway is back in the market after making $41 billion in net acquisitions in the first quarter, this year.
The first-quarter acquisitions contributed reduce Berkshire’s cash position, which closed the quarter at $106 billion, its lowest level since the third quarter of 2018. “If you said pay our firm $25 billion for a 1% interest in all of the farmland in the United States, I’ll send you a check this afternoon,” he stated.
“I’ll give you a check if you provide me 1% of all apartment houses in the country and want another $25 billion. Rent will be generated by the flats, and food will be produced by the fields “According to the millionaire, Bitcoin will not create anything.
Bitcoin’s monthly performance in April was the worst of the year, with a drop of 17 percent. According to CoinMarketCap, the worldwide crypto market worth is $1.74 trillion, with Bitcoin commanding a 42.15 percent stake.