Tesla CEO Elon Musk criticized Berkshire Hathaway Chairman Warren Buffett following his recent annual shareholder meeting. In response to an audience question regarding the top cryptocurrency, Buffett attacked Bitcoin. Musk was responding to a video sent on Twitter by crypto-supporting venture capitalist Marc Andreessen, in which Buffett regularly addressed Bitcoin.
Haha he says “Bitcoin” so many times
— Elon Musk (@elonmusk) May 1, 2022
Michael Saylor, CEO of MicroStrategy and a Bitcoin bull, was also aware of Buffett’s statements. Andreessen called Buffett’s ability to attack Bitcoin “while nakedly shilling diabetes” “insane,” alluding to Buffett’s presence on stage at the meeting with boxes of See’s Candies.
Haha he says “Bitcoin” so many times
— Elon Musk (@elonmusk) May 1, 2022
It’s so wild he says this stuff while nakedly shilling diabetes. pic.twitter.com/k4cy20PVpd
— Marc Andreessen (@pmarca) May 1, 2022
Berkshire Hathaway purchased See’s Candies in 1972, and Buffett has described it as a “dream enterprise.” He rejected a $125 million offer for See’s in 1982, which was five times the $25 million he paid for it a decade previously.
“I don’t know whether the Bitcoin price rises or decreases in the next year, five years, or ten years,” Buffett said, emphasizing his long-held disdain for Bitcoin due to its failure to produce anything important.
Buffett has previously referred to Bitcoin as “rat poison” and has been identified as a Bitcoin detractor.
WARREN BUFFETT: I wouldn’t buy all the #Bitcoin in the world for $25
But he is invested in Nubank, a Brazilian bank which has listed a #Bitcoin ETF. 🧐
Ignore him…
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) May 1, 2022
Warren Buffett, one of the world’s most successful investors, appears to have changed his mind in light of the increasing popularity of cryptocurrencies and blockchain technology. At the 2018 Berkshire Hathaway annual shareholder meeting, Buffett labeled bitcoin as “probably rat poison squared” and advised investors to avoid it. Buffett has reversed his position and invested $1 billion in a cryptocurrency-friendly bank.
“In terms of cryptocurrencies in general, I can say with virtual certainty that they will have a horrible conclusion,” Berkshire Hathaway chairman and CEO Warren Buffett stated at the time. “If I could buy a five-year put on every cryptocurrency, I would gladly do so, but I would never short a dime’s worth.”
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