Contrary to the interests of civilization Not to be outdone, Buffett has made his share of extremely cutting remarks about Bitcoin and cryptocurrency over the years: “I dont have any Bitcoin. I dont own any cryptocurrency, I never will,” he told CNBC in 2020.
Buffett insisted that Bitcoin serves no real purpose, which is why it has not achieved mainstream use. Buffett noted that Sun and his other guests behaved very well, and the conversation was respectful. Nevertheless, Buffett insisted that the Tron founder failed to change his mind in any way on this subject. It is worth noting that during the interview Warren Buffett makes a number of references demonstrating that he understands blockchain technology. He clearly understands the idea behind the digital ledger, as well as the fixed supply of Bitcoins.
Also, when pressed on the idea that Sun gave Buffet some Bitcoin at the dinner, Buffet became visibly uncomfortable, and reiterated that he did not own Does Warren Buffett have any cryptocurrency?.
His stance is likely due to the fact that blockchain assets do not fall within the realm of traditional finance. In other words, they are too risky, and too disruptive, to be considered worthy investments.
Nevertheless, his remarkable success has come from following a very short list of very conservative, simple strategies. He has long avoided new asset classes or highly speculative investment schemes. The fact that Warren Buffett has zero interest in crypto is thus not surprising. Whereas there is no doubt that that blockchain assets are here to stay, Bitcoin may very well fall out of first place.
What Warren Buffett Is Getting Wrong About Crypto
Buffett clearly understands this fact and has no intention of entering the debate. Warren Buffett is one of many financial experts from the legacy space that have decided to avoid cryptocurrency. His decision to do so will not stop blockchain development or cryptocurrency investment.
Also, his assertion that cryptocurrencies are extremely risky holds true. Thus, perhaps the best move for crypto advocates is to stop trying to change his mind.