Warren Buffett, the CEO Berkshire Hathaway, has some strong opinions about Bitcoin’s cultural omnipotence. The business magnate has never strictly supported the cryptocurrency, and is spewing some vitriolic musings about the coin’s polarizing presence in society.
During a Berkshire annual meeting on Saturday, Buffett admitted to CNBC that bitcoin “was probably rat poison squared.” Throughout the conference, he joked how “if you had bought gold at the time Christ and you figure the compound rate on it, it’s a couple tenths a percent.” What Buffett means is that if you purchase bitcoin, you will never be able to produce anything value from it.
When asked by another attendee about the cryptocurrency craze, Buffett admits that these digitalized coins will “come to bad endings.”
Buffett’s business confidant Charlie Munger echoed his boss’ proclamations by stating how interest in bitcoin and other related companies is “just dementia. It’s like somebody else is trading turds and you decide you can’t be left out.”