Warren Buffett says the value of crypto is' zero'

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Shadrach   in Crypto & Trading

25 February 2020, 08:31 GMT

Warren Buffett, Berkshire Hathaway's CEO, continued his public aversion to crypto-currency by disavowing it once again as having no value, in line with a CNBC report.

Cryptocurrencies basically haven't any value and that they don’t produce anything,” he said recently. “In terms of value: zero. I don’t have any cryptocurrency and that i never will.

This is hardly the primary time Buffett has spoken out against crypto. In 2018, before his company’s annual shareholders’ meeting, he said crypto was “probably rat poison squared.” He has also called it a “mirage,” “not currency” and “tulips.”

Berkshire president Charlie Munger said that crypto may be a “turd” which participating in trading it's “just dementia.”

Last year, Justin Sun, founding father of cryptocurrency TRON and CEO of file-sharing company BitTorrent, bid $4.57 million during a charity auction to possess dinner with Buffett in an effort to vary his mind.

When Justin and 4 friends came, they behaved perfectly and that we had a really friendly (three-and-a-half-hour) dinner, and therefore the whole was a really friendly exchange of ideas

Buffett said.

He added that he still felt an equivalent about bitcoin.

Earlier this month, Berkshire Hathaway made an investment in grocery chain Kroger and caused the company’s shares to spike. Buffett bought 19 million shares and Kroger’s stock went up 6 percent. Berkshire is now one among the most important 10 shareholders in Kroger.

A similar thing happened in November, when the Securities and Exchange Commission (SEC) revealed that Berkshire Hathaway owned 1.2 million shares in furniture retailer RH, also referred to as Restoration Hardware. When the news was revealed, shares in RH spiked 7.5 percent in after-hours trading.

It was also revealed that Berkshire got a stake in Occidental Petroleum, and also that it got obviate a number of its Wells Fargo stake, to the tune of seven .7 percent.