Warren Buffett is easily one of the brightest big names in history. He is of the few who managed to climb up to the top-10 richest men in the world for many years. He refuses to retire despite possessing a massive fortune and being over 90 years old.
Those are some of Warren's virtues that make many people around the world respect, value and trust his views on financial issues. And to be honest, I'm one of those who look at old successful men such as Bill Gates, Warren Buffet, Jack Ma...etc with much value and respect. When it comes to Bitcoin, however, I sometimes find myself unable to understand or appreciate what they are saying. I find myself compelled to describe them as "dinosaurs" who lost much of their abilities to read and ponder...
Warren Buffett And Bitcoin...long history of hate...
A few days ago, Warren Buffet, who is famed to be one of the worst crypto critics, took the stage to remind listeners of his avid contempt for Bitcoin.
According to Warren Buffett":
If you told me you own 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’d have to sell it back to you one way or another. It isn’t going to do anything.
Well...one or two absurd things exist in that short quote...
First, if one person owned the entire supply of any given asset, that would pretty much suggest that that particular asset is worthless as nobody cares about it or nobody is able to use it. The value of something comes from the readiness of people to buy, sell or trade it. This is applicable to almost everything be it Bitcoin, Gold, silver, Dollar...etc. So, Warren's argument is quite irrelevant, and it is a bit strange that he is using it in his speech
Then, he said, "I wouldn't take all the bitcoin in the world for $25 because what would I do with it?"
Wow, This is the most absurd part...
What would you do with it? Is this a serious question, Warren?
Well, allow me to answer...Bitcoin is meant to be a medium of exchange and a store of value. In other words, Bitcoin aims to achieve what fiat has failed to achieve, which is to protect people's purchasing power. I can't understand that you would take the $25 (which is decreasing in value thanks to inflation) and wouldn't take Bitcoin (which is generally increasing in value).
Asking "what would I do with?" indicates that either Warren doesn't understand what a store of value means or that he has hidden intentions that he is not ready to show...
Well, if I had my tin hat on, I would think more the latter...
Who cares about what Warren said?
I'm not one to disrespect people based on their opinions or views, but it is really disappointing to see someone with the experience and fame of Warren Buffett discrediting Bitcoin with such silly and ignorant arguments. I know Warren made his huge wealth under the current traditional financial system and this might be the real reason that he is so interested to defend it. He used the traditional system to make money more than he could ever spend and this might have something to do with the fact that he doesn't like to replace it. However, the likes of Warren have been saying bad things about Bitcoin for years now, and it has never made a jot of difference. Bitcoin is still surviving, Bitcoin is still thriving while the crowds of naysayers keep missing the train. And to be honest, I'm glad that some of the super-wealthy people around the world will not be benefitting from the rise of the Bitcoin revolution...
What do you guys think about Warren's views on Bitcoin? I'm keen to read your opinions and thoughts...
PS, Unless otherwise stated, all images in this post are either my own design or from free photo-sharing sites (e.g. pixabay.com)