The CEO of Berkshire Hathaway Warren Buffett has once again bashed bitcoin, calling the cryptocurrency “worthless,” even after having dinner with TRON founder Justin Sun.
During an interview with CNBC, the CEO of Berkshire Hathaway said that cryptocurrencies “basically have no value” as they “don’t produce anything.” He said:
Cryptocurrencies don’t produce anything. You can look at your little ledger item for the next 20 years and it says that you have X of this cryptocurrency, or that. It does not reproduce, it does not deliver, it cannot mail you a check, it cannot do anything.
To the billionaire investor, cryptocurrencies like bitcoin can only be sold to somebody else, “but then that person’s got the problem.” Buffett recently had dinner with Justin Sun, the founder of TRON, and four other prominent figures in the cryptocurrency space.
Sun reportedly gave Buffett a pair of Samsung Galaxy Fold smartphones there, and sent him one BTC, 1.9 million TRX tokens, and other digital assets that included BitTorrent’s BTT tokens and TRC-20 USDT tokens. At the time, Sun tweeted out the transaction of him sending the BTC to Buffett.
Nevertheless during the interview, the ‘Oracle of Omaha’ denied having any cryptocurrency and said he “never will.” He told CNBC that none of the Berkshire Hathaway’s businesses use bitcoin and highlighted the flagship cryptocurrency can be used for illicit purposes.
He joked and claimed bitcoin has been used to “move around a fair amount of money illegally” and as such its economic contribution may be to reduce the demand for suitcases in society. He added “the logical move from the instruction of bitcoin is to go short suitcases.”
The only economic contribution of bitcoin is a fall in demand for suitcases because bitcoin makes it easier move money illegally, says Warren Buffett #btc #bitcoin #AskWarren pic.twitter.com/dyBTbyPRhk
— Squawk Box (@SquawkCNBC) February 24, 2020
Buffett is a well-known bitcoin critic, who has in the past called the cryptocurrency a “gambling device” and argued they are worthless because they don’t produce anything. The investor has made a similar case against gold.
Despite his criticism, Buffett praised Sun for his $4.6 million bid to have a meal with him. The bid went to a homeless charity in San Francisco and will “buy a lot of meals and provide a lot of beds.”
Featured image via Unsplash.