Warren Buffett doesn’t believe in Bitcoin, won’t buy it even at 25. Read here | Mint

The 91-year-old believes that assets should have a value and that only one currency is accepted, and it’s not cryptocurrencies.

“If you told me you had all the bitcoin in the world and you offered it to me for $25, I wouldn’t take it. What would I do with it?” Buffett was quoted as saying by insider .

Reading: Why warren buffett still bitcoin

Speaking at an annual meeting of Berkshire Hathaway shareholders, the billionaire stated that cryptocurrency is not a productive asset and does not produce anything tangible.

“whether it goes up or down next year, or in five or ten years, I don’t know. but what I’m pretty sure of is that it doesn’t produce anything,” he added.

buffett said he has invested billions of dollars so far this year, even as he hit wall street.

fielded questions for five hours at his Berkshire Hathaway holding company’s highly anticipated annual meeting of shareholders in Omaha, Nebraska, his first in-person meeting since before the covid-19 pandemic. She did it together with his right-hand man, Charlie Munger, who is 98 years old.

Dubbed “woodstock for capitalists,” the event draws thousands of shareholders from around the world to hear the investment wisdom of buffett, revered among investors as the “oracle of omaha.”

As the markets faltered since the beginning of the year, Berkshire Hathaway spotted bargains and bought more than $51 billion worth of stock between January and March.

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For example, it increased its investment in the oil company Chevron from $4.5 billion at the end of 2021 to $26 billion at the end of March. Chevron is now among the holding company’s top four investments, along with American Express, Apple and Bank of America. Berkshire Hathaway also acquired a 14 percent stake in Western Petroleum.

It also bought an 11 percent stake in computer maker HP, and increased its stake in video game maker Activision, which is being acquired by Microsoft, to 9.5 percent.

Berkshire sold $10 billion worth of stock during the same period from January to March.

In short, Berkshire’s war chest of available cash shrank from $147 billion to $106 billion.

But Buffett said investors need not worry because Berkshire “will always have plenty of cash” to weather tough times.

Joining him and Munger on the podium were Vice President Greg Abel (at 59, he is Buffett’s designated successor) and company executive Ajit Jain.

– downward profits –

buffett criticized wall street and said: “they make a lot more money when people play than when they invest”.

He said the fact that his company acquired 14 percent of Western Petroleum in just two weeks shows that “overwhelmingly large companies in America have become poker chips.”

See also: Best 3 Crypto trading platforms – how to start trading for beginners? – UKTN | UK Tech News

of cryptocurrencies, he said: “whether it goes up or down in the next year or in five or 10 years, I don’t know. But what I’m pretty sure of is that it doesn’t produce anything.”

The issue of succession in Berkshire Hathaway is important because of the era of Buffett and Munger, but neither said anything about retiring.

Before the meeting, Berkshire said its net profit plunged 53 percent in the first quarter due to a drop in the face value of its investments.

Berkshire reported net income of $5.5 billion, a sharp decrease from $11.7 billion in the prior year period.

Operating profits for companies owned by the conglomerate, which range from insurance companies to energy providers and even frozen desserts, were essentially unchanged at $7.04 billion.

A drop in insurance company profits was offset by gains from rail lines, energy companies, manufacturing, services and retail sales, a statement from Berkshire Hathaway said.

But the value of their investments, which can be volatile from quarter to quarter, plunged amid the year’s market weakness, resulting in a $1.58 billion paper loss.

buffett regularly advises his shareholders to ignore quarterly fluctuations, whether positive or negative.

Berkshire’s stock value has held up well: it’s up seven percent since the beginning of the year, while the s&p 500 index, which represents the 500 largest companies listed on wall street, lost more 13 percent.

See also: Bitcoin Is 3rd Largest World Currency: Deutsche Bank – Decrypt

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