“Cryptocurrencies basically have no value,” Warren Buffett said in an interview on Monday.
Speaking to CNBC reporter Becky Quick on Feb. 24, the fourth-wealthiest person in the world discussed his impression of Bitcoin following a fundraiser. In attendance was Justin Sun, CEO of Tron, and long-time believer in crypto.
In May 2019, the two gathered with others at a fundraiser for the Glide Foundation, a charity organization that helps the homeless in San Francisco. Speaking billionaire to billionaire, the young Sun suggested the seasoned Warren consider investing in cryptocurrency.
However, when pressed on whether Sun had given him any Bitcoin after the exchange, Buffett balked:
“I don’t own any cryptocurrency. I never will… You can’t do anything with it except sell it to somebody else.”
He also commented on the fact that the cryptocurrency has been associated with money laundering and terrorism:
“Bitcoin has been used to move around a fair amount of money illegally.”
Buffett made the bulk of his fortune from hedge funds and insurance. He has an estimated net worth of $88.9 billion.
Billionaire investors in cryptocurrency
Bitcoin has seen major investments from millionaires and billionaires alike, but as Warren demonstrated, some who made their fortunes using more established means are reluctant to accept cryptocurrencies. Mark Cuban, the billionaire who rose to fame in the dot-com bubble, has said he’d 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 a combined net worth of over $1.4 billion after founding the crypto exchange Gemini.
Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.