- February 24, 2020
- Posted by: icoblock
- Category: Uncategorized
Since it’s inception back in 2009, cryptocurrencies like Bitcoin have always been an extremely controversial topic. In fact, ever since crypto first hit the scene, there have been countless industry observers who have been unsure about the industry and they’ve been raising questions about the overall legitimacy of digital currencies and whether or not they have any real value.
Today, in an interview with CNBC, Warren Buffett took a major jab at Bitcoin by stating that it doesn’t really have any true value, that it never will, and that he himself doesn’t and won’t ever own any of it.
According to Buffett, “The only economic contribution of bitcoin is a fall in demand for suitcases because bitcoin makes it easier move money illegally”.
Warren Buffett Attacks Crypto Industry
In the interview, Buffet talks about how, despite having been around for more than a decade, Bitcoin, and cryptocurrencies in general, haven’t really made any real contribution to the world’s financial system.
He explains that, initially, there had been big talks about how the world could use cryptocurrencies to solve and prevent a global financial crisis like that of 2008, but to date, there truly aren’t any major international companies or institutions that have started doing their business in Bitcoin.
And to add further insult to injury, Buffett states one of the only things that Bitcoin has done is make it easy for a criminal to move money illegally and commit financial crimes.
Due to this, Buffett believes that the only effect Bitcoin will have on the world is to cause is a decline in suitcase sales, because, in the past, criminals had to use suitcases to move money illegally, and now with crypto, they don’t need to physically transport their money.
Other than that, “you can’t do anything with it, except sell it to somebody else”, says Buffett.
“I Don’t Own Cryptocurrency And I Never Will”
Coming just a day after Bitcoin was featured on the world-renown television show, The Simpsons, which was a big media win for crypto, Buffett’s comment seems to be a rather harsh and almost unnecessary jab at Bitcoin.
The prominent investor said that he doesn’t own any cryptocurrency and that he never will. This comes as slightly controversial because Justin Sun reportedly gave him a Samsung phone loaded with BTC and TRX coins.
In fact, all of his comments come soon after he had dinner with TRON’s founder, as well as other prominent members of the cryptocurrency industry, including eToro’s CEO Yoni Assia, Litecoin’s founder Charlie Lee, and Huobi’s CEO Chris Lee.