Warren Buffet Really Doesn’t Like Bitcoin: ‘It Doesn’t Produce Anything’

If legendary investor Warren Buffet doesn’t see the wisdom in your product, it may be time to reassess.

This is advice for Bitcoin investors after Buffet reaffirmed that he wouldn’t add cryptocurrency to his portfolio.

Buffet was asked at the annual Berkshire Hathaway shareholders meeting about his famously negative opinions on bitcoin and crypto.

He responded that if all the attendees in the room owned “all the farmland in the United States” or “all the apartments in the country” and they offered him a 1% stake for $25 billion, he would take the deal immediately.

But if they offered him bitcoin at a much better deal – he’s not interested.

“If you … owned all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it. Because what would I do with it? I’ll have to sell it back to you one way or another. It isn’t going to do anything.”

He added, “Whether it goes up or down in the next year or five years or 10 years, I don’t know. But one thing I’m sure of is that it doesn’t multiply, it doesn’t produce anything. It’s got a magic to it, and people have attached magic to a lot of things.”

Buffet has some good points, although it should be noted that he’s 91 and may be unable to see the forest for the trees on crypto.

But his record does speak for itself.