In an interview with CNBC On February 24, financial billionaire Warren Buffett reiterated his long-held view that cryptocurrencies have no intrinsic value, and insisted he did not own any cryptocurrency. Buffett notes that Bitcoin does not serve practical purposes, which is why it is not widely adopted.
Warren Buffett declared that the cryptocurrency “didn't work”.
The talk with CNBC focused mainly on Buffett's recent dinner with Justin Sun – CEO of cryptocurrency project Tron, who spent over $ 4 million to get this charity lunch with Warren Buffett. The billionaire investor said that Sun and other friends behaved very well, and the conversation went smoothly. However, Buffett asserts that CEO Tron has not tried to change his views on crypto in any way.
It is worth noting that in the interview, Warren Buffett gave some references proving his understanding of blockchain technology. He understands the idea behind the digital ledger, as well as the constant supply of Bitcoin. Also, when he mentioned the idea that Sun gave Buffett some Bitcoin that night, Buffett was annoyed and reiterated that he didn't own any Bitcoin.
Blockchain assets are still outside inherited finances
Buffett's perspective on cryptocurrencies remains firm and unaltered. His position is most likely due to the fact that blockchain assets are not in the traditional financial sector. In other words, they are too risky and too disruptive to be considered a worthy investment.
Perhaps the most successful investor of all time, Buffett's talent is undisputed. However, his most notable success has come from following a very short list of simple, and very cautious strategies. He has long avoided new asset classes or highly speculative investment programs. Therefore, it is not surprising that Warren Buffett has no interest in cryptocurrencies.
Warren Buffett is one of many financial experts from the legacy space who decided to stay away from cryptocurrencies. His decision will not thus slow down the momentum of blockchain development or invest in cryptocurrencies. In addition, his claim of investing in cryptocurrencies is extremely risky. So, perhaps the best job for cryptocurrency advocates is to stop trying to change the minds of people like Buffett.
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According to Bitcoinist
Translated by ToiYeuBitcoin