Warren Buffett said in 2024 he wouldn't pay $25 for all the bitcoin in the world.
"If you owned all the bitcoin in the world and offered it to me for $25, I wouldn’t take it," Warren Buffett stated. "Because what would I do with it? I’d have to sell it back to you one way or another. It’s not going to do anything."
Buffett contrasted bitcoin with productive assets like farmland and rental properties, emphasizing their tangible value. "The apartments are going to produce rent, and the farms are going to produce food," he explained. "But if I owned all the bitcoin, I’d be right back where [bitcoin’s anonymous founder Satoshi Nakamoto] started."
He attributed the appeal of bitcoin to a kind of "magic" that captivates investors. "Whether it goes up or down in the next year, five years, or ten years, I don’t know. But one thing I’m certain of is that it doesn’t multiply, it doesn’t produce anything," Buffett said. "It has a sort of magic, and people have attached magic to many things."
Buffett has consistently criticized cryptocurrencies. In 2018, he told CNBC that cryptocurrencies "will come to a bad ending" and made it clear that Berkshire Hathaway would "never have a position in them."
"I get into enough trouble with things I think I know something about," he said at the time. "Why in the world should I take a long or short position in something I don’t understand?"