over the years Bitcoin (BTC) And the wider world of cryptocurrencies is becoming increasingly accepted in the traditional finance industry. The major institutional players are increasingly intervening, and the first bitcoin exchanges were launched not too long ago. However, not everyone is convinced of the potential of bitcoin and cryptocurrencies. One of these is legendary investor Warren Buffett.

Warren Buffett Ignores Bitcoin

At a Berkshire Hathaway shareholder meeting on Saturday, Buffett reiterated his stance on Bitcoin, CNBC reports that† It seems little has changed his mind since Buffett last spoke about bitcoin. According to Buffett, bitcoin simply isn’tProduced assets† Bitcoin produces nothing which is why he personally ignores the cryptocurrency at the moment.

“Whether it will go up or down next year, or five or ten years, I don’t know. But the only thing I’m sure of is that it won’t pay off,” Buffett said. “There is something magical about it and people have associated magic with many things.”

According to Buffett, it makes no sense to buy bitcoin If there are also excellent alternatives. According to him, you simply cannot do anything with bitcoin, except to resell it to the highest bidder. You can do something with farms and apartments, says Buffett. Bitcoin is nothing more than a fairy tale in Buffett’s eyes.

Charlie Munger: Bitcoin is Stupid and Bad

Charlie Munger, Buffett’s right-hand man, is also an anti-Bitcoin and anti-crypto. At the same meeting on Saturday, Munger added to his semi-hostile police remarks encryption The industry he already made in the past.

“In my life, I try to avoid things that are stupid, bad, and make me look bad compared to someone else — and bitcoin does all three,” Munger said. “First of all, it’s stupid because it can still go to zero. It’s bad because it undermines the Federal Reserve system, and third, it embarrasses us compared to the communist leader in China. He was smart enough to ban bitcoin in China.”