If you offered me all the bitcoin in the world for $25, I wouldn’t take it, says Warren Buffett

well I shouldn't answer any questions on the subject but I will you know there's there's all kinds of people watching this that are long Bitcoin and there's nobody that's short and nobody nobody wants their win by stepped on it I don't blame them I don't like people to step on my windpipe but I would say this that if all the people listen if the people in this room uh owned all of the Farmland in the United States um and you offered me a one percent interest in it and you said from one percent interest in all the Farmland in the United States uh pay me um pay our group um now let's see 10. ah hey it says bargain price 25 billion dollars I'll write your check this afternoon 25 billion now I own one percent of the farmland if you tell me you won't one percent of the apartment houses in the United States uh and you offer me uh a one percent interest so I'll have a one percentage of all the apartment houses in the country and you want whatever it may be for it um another 25 billion or something I'll write you a check you know it's very simple now if you told me you owned all of the Bitcoin in the world and you offered it to me for 25 dollars I wouldn't take it because what would I do with it um I have to sell it back to you one way or another I mean maybe I'll be the same people but it isn't going to do anything the apartments are going to produce well and and the Farms are going to produce food and uh if I've got all the Bitcoin you know I'm back for whatever his name was who may or may not have existed was no the teachers if I've got it all he could create a mystery about it but everybody knows what I'm like I mean so if I'm trying to get rid of it you know people will say well uh you know why should I buy some Bitcoin from you I mean why don't you call a buffered coin you know make your own or something what do something but I'm not going to give you anything for it and you'd be right incidentally but that explains the difference between productive assets and something that depends on the next guy paying you more than the last guy got now net if you look at it a lot of commissions have been paid and then there's I mean there's all kinds of frictional costs that are very real that somebody is paid to a bunch of people who facilitate this game but whatever one group of the public has taken out or one group of owners has come in from other people I mean it's other people have entered the room and they move money around but but no money has there's no more money in the room it's just changed hands with a lot of maybe fraud and costs involved and you know a whole bunch of things you lose you know you forget the numbers and get the equation the uh you can do that with a lot of things I mean it's been done throughout history uh certain things have value that don't produce something tangible I mean you can you can say a great painting you know probably will have some value 500 years from now may not but the odds are pretty good that it was a big enough name at some point there will be a few things I mean you know you can uh you can find something today if somebody wants to sell you a pyramid or something and you can charge the viewers or you know it'll be around a long time and won't produce anything but but but uh people will find it interesting to go there because I read about the parents but basically uh assets to be that value they have to deliver something to somebody and uh uh and there's only one currency that's acceptable the United States I mean you can come up with all kinds of things uh we can put out Berkshire coins or you know we put up Berkshire money or anything like that but uh we get in trouble I guess if we call it money but uh in the end this is money and and there's no reason in the world why the United States government whose currency people prefer literally there's 2.3 just under 2.3 trillion just of these little pieces of paper floating around someplace so seven thousand for every man woman a child in the United States and of course most of them probably are in the United States who knows but this is the only thing that's money and anybody that thinks the United States is going to change the way they let it Berkshire money replaced theirs you know it's out of their mind I mean so anyway uh with those few deficiencies uh you know you can whether it goes up or down in the next year or five years ten years I don't know but the one thing I'm pretty sure of is that it it doesn't it doesn't multiply it doesn't produce anything it's it's uh it's got a magic to it and people have attached Magics to lots of things I mean the golden Wall Street Green magic you know we are not an insurance company we're a tech company well they're an insurance company but a dozen people or so I've raised a lot of money they just say just don't pay any attention to the fact that we sell insurance we are a tech company well in the end they brought insurance and overwhelmingly they've lost a lot of money since that it it you can you can make up things that work well and getting money from other people and that's why

Channel: CNBC Television

Views: 700,030

Keywords:

Id: HVm7Pfb0ilY

Length: 6min 47sec (407 seconds)

Published: Sat Apr 30 2022

Reddit Comments

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[u/WannaBuffet]

He was right until the first 4s.

[u/BetterGarlic7]

He's a great value investor but he himself says he doesn't invest in things he doesn't understand thats why he missed out on tech stocks like apple or Google lol ffs

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[u/SnooBeans1976]

Buffett baba ki jay.

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