The legendary investor dislikes Bitcoin because he said it creates nothing just like gold. It is a non-productive asset and its value is increasing because of excitement and speculations. Those who invest in it are counting on others who are more excited and are willing to acquire it at a higher price.
Buffett said, “When you’re buying non-productive assets all you’re counting on is the next person is going to pay you more because they’re even more excited about another next person coming along. Bitcoin itself is creating no value at all.”
However, many other billionaires and investors disagree with Buffett when it comes to his perspective about Bitcoin.
Other billionaires do not agree with Buffett
Ricardo Salinas Pliego, the second richest man in Mexico said that Bitcoin is his best investment. Chamath Palihapitiya, the billionaire venture capitalist and CEO of Social Capital is expecting the cryptocurrency to reach an astonishing $1 million per coin in the next two decades.
Another billionaire, Michael Novogratz, the founder of Galaxy Digital, said Bitcoin is a “digital gold” and expected its value to keep going higher.
