Warren Buffett has at all times been a bitcoin skeptic. But the billionaire investor had his cruelest phrases but for the cryptocurrency over the weekend. Buffett made it clear that his opposition to crypto has nothing to do with whether or not individuals can earn cash buying and selling bitcoin. Buffett’s opposition is only on precept as a result of bitcoin has no intrinsic worth.

“Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t multiply, it doesn’t produce anything,” Buffett mentioned on the Berkshire Hathaway annual shareholder assembly in Omaha, Nebraska on Saturday.

“It’s got a magic to it and people have attached magics to lots of things,” Buffett continued.

Buffett, who’s value $124 billion, defined that if the individuals who attended his assembly one way or the other owned all of the farmland within the U.S. and he was supplied a 1% stake on that farmland for $25 billion, he’d write out a test instantly as a result of it’s an awesome deal on one thing that’s productive. Buffett mentioned he’d make an analogous deal for 1% of all of the residence leases within the U.S., if that was one way or the other on supply.

“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. Maybe it’d be the same people, but it isn’t going to do anything,” Buffett mentioned.

“The apartments are going to produce rental and the farms are going to produce food. And if I’ve got all the bitcoin…” Buffett mentioned trailing off earlier than referring to Satoshi Nakamoto, the creator of bitcoin, who “may or may not have existed.”

“[Satoshi] could create a mystery about it. But everyone knows what I’m like,” Buffett mentioned, suggesting that bitcoin solely grew to become the world’s hottest cryptocurrency as a result of there’s an enormous thriller surrounding its origins.

“Certain things have value that don’t produce something tangible. I mean, you can say a great painting probably will have some value 500 years from now,” Buffett mentioned.

“But assets, to have value, they have to deliver something to somebody and there’s only one currency. You can come up with all kinds of things. We can put up Berkshire coins, or Berkshire money,” Buffett mentioned, referring to a hypothetical crypto coin.

“But in the end this is money,” Buffett mentioned, holding up a $20 invoice. “But this is the only thing that’s money. Anybody who thinks the United States is going to change the way they let Berkshire money replace theirs is out of their mind.”