We can put up Berkshire coins, put up Berkshire money but in the end, this is money,” he said, holding up a $20 bill.
Buffet went on to say how bitcoin has “no tangible value”, a constantly recurring theme for the Berkshire Hathaway CEO.
It seems an almost infantile approach to the subject, but when you consider that Buffet has generally been wrong, or at least extremely late on tech stocks, then you begin to have some idea of how his mind works.
Another of his attitudes that seems extremely mistaken, is his faith in the US dollar.
With such an asset at the reach of the common investor, it’s very wrong of Buffet and Munger to extol the virtues of fiat currency at the expense of the sound money which is bitcoin.
Given their extraordinary success in stocks and shares generally, we must put it down to this, rather than an absurd belief in the financial system as it is.
Disclaimer: This article is provided for informational purposes only.