So I watched this video where Warren Buffet was talking about how Bitcoin is so worthless to him that if you offered all the bitcoin in the world for $25 he wouldn’t take it. That sounds like a personal beef Warren Buffet has with bitcoin. Most people are associating bitcoin to being a scam or fraud because it’s not tangible, because we can’t touch it or feel it, if they believe so, they should stop using the internet then. Because if we want to start giving value to things based on how tangible they are then more than 20% of investments in this world will be worth nothing.
Warren Buffet has been known for antagonizing bitcoin as he doesn’t support it at all, but few months ago he made an investment in a bank that supports bitcoin. The media circulated the information like it’s a sign that the billionaire might just be looking into bitcoin. Mind you the investment was worth $1 billion, it’s understandable that he is very old and stuck to the old investment ways, but it’s time he accepts the fact that the world doesn’t revolve around him and things are meant to evolve and change.
According to him, bitcoin has no utility or rather doesn’t produce anything. Forgetting that if we are judging bitcoin based off that, then fiat doesn’t have any utility or produces anything. What fiat is literally used for is payment, bitcoin can do that and more. The value of fiat is determined by the government, the value of Bitcoin is determined by the people, the users because its decentralized.
Money and it’s value is a social constructs which the world(people) accepted, fiat is a piece of paper, to print money you have to spend money, sometimes money gets outdated you have to print new notes, you don’t have enough money, they print more, thereby driving inflation up. Money is not as secured as Bitcoin, money is not as transparent as bitcoin, you can trace bitcoin faster and better than you can trace fiat.
He also equated Bitcoin to other sectors of life which is farming and housing because they produce food and rents, disregarding the fact that bitcoin is not hear to eradicate those things because they are necessities. It’s obvious that we need agriculture, we need housings for shelter, we can’t eat digital food we can’t live in a digital house. Bitcoin wasn’t created to eradicate or replace those things, so therefore, they can’t be used to compare Bitcoin. Bitcoin was created to be against the principles and unfair power the government and the people in power have over the regular citizen through their centralized power.
Bitcoin was created to hand over the control of value of our money to the people, making it easier to access and transfer, being digital, you don’t have to worry about logistics. You can literally carry $1 Billion worth of crypto or bitcoin on your mobile phone or in your pen size cold wallet.
So if Warren Buffet gets the opportunity of buying the whole bitcoin for $25 and he doesn’t want it, he can let me know, let me buy it.