Warren Buffett, the billionaire CEO and Chairman of Berkshire Hathaway, vowed today that he will never own any cryptocurrency. He made that promise during a CNBC Squawk Box interview in which he reaffirmed his longtime disdain for digital currency.
His most recent dismissal of cryptocurrency came in response to a question from the show’s host, asking if his mind had been changed by his recent meeting with TRON founder Justin Sun:
“Well, I would say this: when Justin and four friends came, they behaved perfectly, and we had a good three and a half hour dinner and the whole thing was a very friendly exchange of ideas – but cryptocurrencies basically have no value and they don’t produce anything.
So, you can look at your little ledger item for the next 20 years and it says you’ve got x of this cryptocurrency or that; it doesn’t reproduce. It doesn’t deliver. It can’t mail you a check; it can’t do anything. And what you hope is that somebody else comes along and pays you more money for it later on. But then that person’s got the problem. But in terms of value – zero.”
When the host then suggested that Sun had given Buffett some Bitcoin, and asked him how it felt to be a Bitcoin owner, Buffett denied any ownership of cryptocurrency:
“Uh – I don’t have any Bitcoin. I will – I do not own – I don’t own any cryptocurrency, I never will. And in the end, I may start a Warren currency. Maybe I can create one and I’ll say there’s only going to be 21 million of them, and you can have a little ledger sheet from me that says you have it, and you can have it after I die. But you can’t do anything with it except sell it to somebody else.”
The exchange was not surprising, given Buffett’s previous criticism of digital currency in general and bitcoin in specific. He has previously called bitcoin a mirage, tulips, and “probably rat poison squared.” The billionaire investor also noted that bitcoin is not widely used by companies and suggested that it’s primary use is a vehicle for moving large sums of illicit money.