Despite its recent turbulence, bitcoin has soared by more than 95% over the past five years. But while the world’s largest crypto coin has clearly hit the mainstream, one prominent investor remains critical of the opportunity: Warren Buffett.
At the Berkshire Hathaway annual shareholders meeting last year, Buffett said that while he doesn’t know whether bitcoin will go up or down going forward, he’s pretty sure that “it doesn’t produce anything.”
And that’s why the Oracle of Omaha doesn’t own the asset.
“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?” he asks. “I’d have to sell it back to you one way or another. It isn’t going to do anything.”
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To put that in perspective, bitcoin was trading at around $38,000 a piece when Buffett made those comments. Now, the cryptocurrency has fallen to $21,700.
While criticizing bitcoin, Buffett touched on two assets that he would buy if given the opportunity.
Read more: moneywise