Warren Buffett still against cryptocurrencies
Warren Buffett still against cryptocurrencies
Crypto

Warren Buffett still against cryptocurrencies

By Marco Cavicchioli - 24 Feb 2020

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Warren Buffett has once again reiterated his aversion to cryptocurrencies

During a long three-hour interview with CNBC’s Becky Quick on Squawk Box, he answered several questions, including some about cryptocurrencies. 

After the charity dinner he attended with TRON founder Justin Sun, it could be expected that Buffett had changed his mind, perhaps even partially, but instead he reiterated all his doubts. Buffett said that the dinner was very pleasant, fun and that he thanked Justin Sun for organizing it, but he confirmed that he hadn’t changed his mind.

In particular, he said

“Cryptocurrencies basically have no value. In terms of value, you know zero”. 

Buffett reiterated that, in his view, cryptocurrencies produce nothing, not even dividends for investors, and that their value comes only from the belief that someone else will appreciate them more in the future. He then pointed out that he believes they are mainly used to move money around the world illegally. 

He also reiterated that he does not own any, and will not buy any in the future either

Buffett’s position on cryptocurrencies has always been very sceptical, if not hostile. He doesn’t seem to be changing his mind, although compared to the decidedly mocking tones of some time ago, he now seems to have reduced his ironic tone, perhaps because he is taking these assets a little more seriously than in the past, although he remains strongly opposed to them

After all, traditional finance, where Buffett is one of the world’s giants, seems to be slowly approaching these new technologies, although as long as this convergence concerns only the financial aspects and not the technological ones as well, it will not be a real engagement. 

Warren Buffett, who will turn 90 this year, is certainly not an expert in technological innovation, to the extent that he has often avoided highly innovative startups with his investments, hence it is highly unlikely that he will approach these new technologies from the point of view of innovation, continuing to consider them only as speculative assets. 

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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