Warren Buffet, the guy that told people to stay away from Bitcoin for the past decade and to stick to stocks which average 8-10% and barely outpace inflation while Bitcoin has literally given 10,000% return in the past decade?
Yes, very smart play to keep people dependant on him and his investment company.
Conceptually though, Warren Buffet is right - Bitcoin has no intrinsic value. Besides scammers and criminals almost nobody uses Bitcoin for transactions. Nobody buys a car, a slice of pizza, a box of nails, a glass vase, an AirBnB rental using Bitcoin.
Nobody buys a car or slice of pizza or a glass vase using stocks, gold, silver, or Pokémon cards either and they have no intrinsic value yet they're worth hundreds of dollars. The value of an item is what people believe it is.
The US dollar is the predominant currency used by scammers and criminals, by far.
Comments
A few people started putting dates on this. Jamie Dimon said before 2035, Ray Dalio said around 2030.
Warren Buffet did not put a date on it (smart as usual) but he also said the current fiscal situation is not sustainable.
Warren Buffet, the guy that told people to stay away from Bitcoin for the past decade and to stick to stocks which average 8-10% and barely outpace inflation while Bitcoin has literally given 10,000% return in the past decade? Yes, very smart play to keep people dependant on him and his investment company.
I am glad if Bitcoin worked so well for you.
Conceptually though, Warren Buffet is right - Bitcoin has no intrinsic value. Besides scammers and criminals almost nobody uses Bitcoin for transactions. Nobody buys a car, a slice of pizza, a box of nails, a glass vase, an AirBnB rental using Bitcoin.
Nobody buys a car or slice of pizza or a glass vase using stocks, gold, silver, or Pokémon cards either and they have no intrinsic value yet they're worth hundreds of dollars. The value of an item is what people believe it is.
The US dollar is the predominant currency used by scammers and criminals, by far.
LOL!