In the recent comments by Buffett, he said that he wouldn't buy all the Bitcoins in the world for $25, because he thinks what he can do with the bitcoins as it is of no use. This is not new, Buffett is an avid crypto sceptic and he doesn't like the fact that all the people in the world are getting rich and he is not. All his comments revolve around the that there is no tangible value in digital assets.
PC: Pixabay.com
But I guess he doesn't know the facts right, there are hundreds of use cases around crypto and just to be clear it is the very early stage of the Crypto era, in the future, we will have much more use cases actually don't see. His statement is that even if the Bitcoin price increase or decrease in the future he will not buy it because it doesn't produce anything. To be honest, he is somewhat right, it doesn't produce anything just like the digital Gold. We all have invested in Bitcoin for the future.
Now if he needs the use case he can actually look around all the cryptos which exist. like Hive, Ethereum, and Solona all are solving something and have the use case that he wants to know.
According to Him,
“Now 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. The apartments are going to produce rent and the farms are going to produce food.”
As I said in my earlier post, even though you do not find the use case of digital currency but for me, the biggest use case of crypto is to send the currency across borders in a few seconds without even costing you much. Now can you do that with your currency, no right?
I know we should not take his statements as important, he has created his wealth from hard work and we respect that he cannot be right in everything around the world.