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HomeMarketsPrice AnalysisElon Musk mocks Warren Buffet over $25 Bitcoin purchase

Elon Musk mocks Warren Buffet over $25 Bitcoin purchase

Florence Muchai

Elon Musk mocks Warren Buffet after the legendary investor said he wouldn’t buy Bitcoin for $25

Billionaire investor Warren Buffett has once again attacked Bitcoin (BTC), saying he wouldn’t accept all of the cryptocurrency in the world for $25. The legendary investor makes the case that Bitcoin lacks an inherent value. While Buffett continues to criticize Bitcoin, Elon Musk has ridiculed him, demonstrating his support of the cryptocurrency industry.

Elon Musk weighs in after Warren Buffet attacks Bitcoin

The famous American investor Warren Buffett, who has a net worth of around $124 billion, is a vocal Bitcoin skeptic. He’s likened Bitcoin to “rat poison squared.” His contentions usually revolve around the grounds that digital assets lack substantive value. However, the cryptocurrency community was quick to point out that there are a plethora of use cases and utilities for crypto that Buffett would not be aware of.

After Berkshire Hathaway Chief Executive Warren Buffett slammed Bitcoin, Tesla CEO Elon Musk mocked the legendary investor. During the week when “bitcoin Jesus” resurfaced, Buffett took aim at Bitcoin. Also, Jesus of Bitcoin named his top “contenders” for the title of the world’s greatest cryptocurrency.

At Berkshire Hathaway’s Annual Shareholder Meeting on Saturday, Warren Buffett addressed crypto in the context of the sector’s growing acceptance by the general public. He added that while he isn’t sure if BTC’s value will rise in the future, he is confident that it doesn’t produce anything.

Whether it goes up or down in the next year, or five or ten years, I don’t know, but the one thing I’m pretty sure of is that it doesn’t produce anything. 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.

Warren Buffet

 For Buffett, assets must have value, which means they must provide something to someone. Buffett noted that people might develop a variety of things, even a hypothetical “Berkshire coin,” but ultimately, “that’s what money is,” he said while displaying a $20 bill.

 Meanwhile, Buffett’s business partner Charlie Munger delivered more cutting remarks about Bitcoin on Saturday. Munger stated that in his life, he tries to avoid doing stupid and evil things that make him look bad in comparison to others, and Bitcoin does all three of them.

 Munger described his position by stating that Bitcoin is stupid because it has a good chance of declining to zero. It’s also evil because it detracts from the Federal Reserve System. Third, it makes America and global investors look incompetent compared to the Communist leader in China. Munger noted that the Communist leader in China was “smart enough to ban Bitcoin.”

Over the weekend, Buffett’s remarks were ridiculed by bitcoin supporters on Twitter, including crypto evangelist Elon Musk. “Haha he says `Bitcoin` so many times.” Tesla Motors CEO Elon Musk quipped in response to a video of Buffett uttering the word “bitcoin.”