Warren Buffett says no to crypto investments

One of the world's wealthiest investors says he does not own any cryptocurrency

                                

Warren Buffett, the world’s most famous investor, has reportedly said he does not believe cryptocurrencies have value, and that he has no plans to invest in the sector.

Speaking to CNBC reporter Becky Quick, Buffett said: “I don’t own any cryptocurrency. I never will… You can’t do anything with it except sell it to somebody else.”

According to the report, Buffett had attended a fundraising dinner with Justin Sun, CEO of TRON. When Sun suggested in conversation that Buffett should consider owning cryptocurrencies, Buffett expressed doubt.

Buffett told CNBC that none of the businesses in which Berkshire Hathaway (Buffett’s investment vehicle) invests use Bitcoin. He said crypto was often used for illicit purposes.

"Bitcoin has been used to move around a fair amount of money illegally," he said, adding that bitcoin's "economic contribution" to society might be reducing demand for suitcases, implying that previously illicit money was transported around the world in suitcases but now is transferred digitally.

Buffett auctions the opportunity to dine with him each year to raise money for Glide, a homeless charity in San Francisco. Justin Sun’s $4.6m bid was the winner, enabling him to dine with Buffett.

As one of the world’s wealthiest investors, Mr Buffett made his fortune from more traditional stocks and shares, and long-term investing. He has an estimated net worth of $88.9bn.

Buffett told CNBC that he still did not hold any Bitcoin despite Justin Sun having earlier claimed that he had given him some at the dinner in a bid to persuade him to start investing in cryptocurrencies.

FURTHER READING: TRON founder Justin Sun pledges $1m to Greta Thunberg

FURTHER READING: World’s wealthiest preparing 2020 stock sell-off

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image