Warren Buffett has reiterated his belief about Bitcoin having no value by comparing it to seashells. On January 23, the Berkshire Hathaway CEO finally had the long-awaited dinner with Tron founder, Justin Sun. During the dinner, Buffet explained why Bitcoin is a bad investment.
We can plant something and harvest it [but] Bitcoin cannot capture the value of blockchain. Just because something has value doesn't mean it's a good investment.
The billionaire investor said that he would instead buy land over Bitcoin. He added that he's content with the US dollar system and the protection that stock and equity offer. Buffett told Sun that any widespread appeal of Bitcoin isn't likely to grow in the future.
I'm sure my grandson would rather inherit my wealth in US dollars.
The business magnate said that Bitcoin is only useful for trading and doesn't hold any practical value.
The US dollar is able to store value, but Bitcoin is not capable of doing so, and therefore it's not different from a seashell.