Warren Buffett says what he really thinks about Bitcoin – Decrypt

In brief

Warren Buffett has long been dismissive of Bitcoin, even going so far as to call it rat poison squared. But he has never really explained why he dislikes Bitcoin and doesnt see it as a worthy investment.

According to a video posted by the Tron Foundation, Buffett explained why he wouldnt buy Bitcoin at his recent meal with Tron CEO Justin Sunthat eventually happened earlier this month.

[Buffett] believes people get protection from stocks and equity, the video states. Bitcoin is simply a changing hands activity with no value added.

The video continues, relaying Buffetts belief that Bitcoin doesnt have enough practical value. Reportedly, Buffett stated that Bitcoin only derives worth from trading, and is incapable of storing valuemaking it no different from a seashell.

But it wasnt all bad news. The billionaire tycoon allegedly touted the benefits of blockchain technology, noting that it could become a disruptive force within finance.

Bitcoin cannot capture the value of blockchain. Just because something has value doesnt make it a good investment, Buffett purportedly said.

Mr. Buffett says blockchain has its value. There are a lot of incredible companies in the payment market and it has huge demands. He believes blockchain technology will have a disruptive effect on the future of payment, the video concludes.

So, Buffett is squarely in the blockchain, not Bitcoin camp. But for how long?

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Warren Buffett says what he really thinks about Bitcoin - Decrypt