5 Ways to Increase Acceptability of Cryptocurrency: From Skepticism to Mainstream Adoption
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2022-05-04 | Selina Mathew
Notwithstanding the continuous climb in bitcoin values and its gaining acceptance in certain traditional financial circles, Berkshire Hathaway CEO Warren Buffett argues that he would "not commit $25" even if granted all of the bitcoin in the globe.
Buffett, who has been outspoken in his skepticism of cryptocurrencies, delivered the venomous words about bitcoin on April 30 at Berkshire Hathaway's annual shareholders' meeting.
Buffett does not focus on investing in bitcoin since it "does not create anything." He went on to say that an item has genuine worth only if it can "give something to somebody."
Amid industry professionals' criticism, bitcoin, the largest global cryptocurrency by market capitalization, has held a price range of $30,000 to over $60,000.
Some analysts anticipate the price will exceed $100,000 by the following year. Buffet, in an obvious allusion to such allegations, stated, "I'm not sure if it will rise or fall over the next year, five, or ten years. However, one thing I am certain of is that it does not generate anything."
According to the senior investor, Bitcoin lacks legitimacy since "there is just one currency that is recognized." "You could emerge with all sorts of stuff — we can keep putting up Berkshire coins... however at the conclusion of the day, this is money," Buffet added, holding out a $20 dollar. "And there's no explanation in the universe why the US government... will let Berkshire money substitute theirs," he continued.
In addition to Buffett, Berkshire Hathaway Vice Chairman Charlie Munger blasted bitcoin, labeling it "dumb and terrible."
"First and foremost, it's dumb since it's still certain to go to nil. It's wicked because it weakens the Federal Reserve System... and third, it lets us appear silly in comparison to China's Communist leader. "He was astute enough to prohibit bitcoin in China," Munger added.
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