What just happened? If someone offered you all the Bitcoin in the world for $25, you’d be unlikely to turn it down, given that BTC has a market cap of around $746 billion.
Now if you told me you own all of the bitcoin in the world and you offered it to me for $25 I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another.
Berkshire Hathaway vice chairman and Buffett’s long-time business partner, Charlie Munger, has been even more critical of Bitcoin in the past.
Sixty-six-year-old Bill Gates isn’t too enthusiastic; 91-year-old Buffett hates it; and 98-year-old Munger, who was born in the same year Lenin died, seems to think it’s the work of the devil.
It’s an especially interesting move by Buffett, who says it was entirely his decision, seeing as the Microsoft acquisition of Activision Blizzard is in doubt due to the FTC’s scrutiny of the deal.
As reported back in February, the uncertainty around the deal stems from the US Federal Trade Commission looking into the acquisition.