Warren Buffett won’t pay even $25 for all the world’s Bitcoin

AS BITCOIN hovers in the range of $38 000-$40 000 per digital coin, billionaire Warren Buffett has said that he will not even pay $25 (about R396) for all the Bitcoin in the world.

Addressing Berkshire Hathaway’s annual shareholder meeting, the ace investor said Bitcoin is not a productive asset and doesn’t produce anything tangible, reports CNBC.

“If you told me you own all of the Bitcoin in the world and you offered it to me for $25, I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything,” he was quoted as saying in the report.

“Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything,” Buffett added.

“It’s got a magic to it and people have attached magic to lots of things,” said Buffett, whose Berkshire Hathaway multinational conglomerate is back in the market as it made roughly $41 billion of net purchases in the first quarter this year.

The purchases in the first quarter helped chip away at Berkshire’s cash pile, which ended the quarter at $106bn, the lowest since the third quarter of 2018.

“If you said for a 1% interest in all the farmland in the US, pay our group $25bn, I’ll write you a cheque this afternoon,” Buffett said. “The farms are going to produce food. Bitcoin will not produce anything.”