Elon Musk Laughs At Warren Buffett
Image Source: CNBC

Elon Musk criticized Berkshire Hathaway Chairman Warren Buffett

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.

Elon Musk Laughs At Warren Buffett
Image Source: CNN.com

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.

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, 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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