“Cryptocurrencies actually have no value,” Warren Buffett said in an interview on Monday.
Speaking with CNBC reporter Becky Quick on February 24, the fourth-richest person in the world discussed his impression of Bitcoin after fundraising. In attendance was Justin Sun, CEO of Tron, and a longtime believer in crypto.
In May 2019, the two joined others in fundraising for the Glide Foundation, a charitable organization that helps the homeless in San Francisco. Speaking billionaire to billionaire, the young Sun suggested that the experienced Warren consider investing in cryptocurrency.
However, when it was insisted on whether Sun had given him Bitcoin after the exchange, Buffett shunned:
“I don’t have a cryptocurrency. I’ll never … You can’t do anything with it except sell it to someone else.”
He also noted that the cryptocurrency is associated with money laundering and terrorism:
“Bitcoin has been used to move a fair amount of money illegally.”
Buffett earned most of his fortune with hedge funds and insurance. He has an estimated assets of $ 88.9 billion.
Bitcoin has seen large investments from both millionaires and billionaires, but as Warren has shown, some who have made a fortune with more established means are reluctant to accept cryptocurrencies. Mark Cuban, the billionaire who became famous in the dot-com bubble, said he would rather have “bananas” than Bitcoin.
On the other hand, there have been some success stories. Tyler and Cameron Winklevoss may not have reaped the benefits of Facebook, but the two have combined assets of more than $ 1.4 billion after the establishment of the Gemini crypto exchange.