This week, BTC is struggling to overcome 7 consecutive weeks of falling, hovering around $30,000.
The world’s leading cryptocurrency has erased its 2022 gains and is losing more than half of its value from the November 2021 highs. At Berkshire Hathaway’s (NYSE: BRKb) most recent annual shareholder meeting on May 1, CEO Warren Buffett said:
“If you tell me that you own 1% of apartment buildings in the United States and offer me 1% of the shares, for example, for another $25 billion, I will write you another check. It’s very simple. Now if you told me that you have all the BTC in the world and offered it to me for only $25, I wouldn’t take it. What will I do with them?”
This is the same statement that Buffett has repeatedly made about gold. According to a prominent investor, the yellow metal cannot be valuable and is a bad investment as it does not provide any income, profit, or interest.
“BTC is a scam, a circus,” Buffett has repeatedly stated.
As Bitcoin Magazine points out, “To be valuable in a free market, any good, service, or asset must have value for someone. And BTC, like other currencies, can only bring profit to its owner if it is leased or sold to someone else at a future (higher) price. In Buffett’s example, he rents out apartments, but he must do so at a price high enough to cover expenses and repairs: the income stream is, in economic terms, equivalent to a sufficiently high selling price spread over time.
