The CEO of Berkshire Hathaway Warren Buffett is still anti-crypto even after his dinner with Tron CEO Justin Sun. In a recent interview with CNBC’s Squawk Box, Buffett reiterates that cryptocurrencies have no value and he would never own any cryptocurrency.
Warren Opines That Crypto Has “Zero” Value
Early this month, billionaire Warren Buffet finally had dinner with Tron’s Justin Sun after postponing it last year. The Sun and Buffett dinner was held at a club in Nebraska, accompanied by other guests like the head of Binance Charity Foundation, Helen Hai, Litecoin Founder Charlie Lee, CFO of Huobi, Chris Lee and the CEO of eToro, Yoni Assia. After this dinner, Sun said that he learned a lot from Buffett about how to better the Tron ecosystem.
Unfortunately, it looks like this dinner did nothing to change Buffett’s mind. In a recent interview with CNBC, he noted that Sun and his friends behaved very well and there was a friendly exchange of ideas. However, he still believes cryptocurrencies serve no real purpose.
His exact words were:
“Cryptocurrencies basically have no value, they do not produce anything. You can look at your little ledger item for the next 20 years and it says that you have X of this cryptocurrency, or that. It doesn’t reproduce, it doesn’t deliver, it can’t mail you a check, it can’t do anything.”
For Buffett, cryptocurrencies only have value for investors when someone else comes along and pays more money later on. “But then that person’s got the problem. But in terms of value, you, know, zero,” he added.
According to him, most companies are not using bitcoin for business. But, the crypto is useful “to move around a fair amount of money illegally” subsequently leading to a fall in the demand for suitcases.
Buffett Does Not Own Any Cryptocurrency
Despite Sun saying that he gifted Warren a bitcoin and Tron stored on a Samsung Galaxy fold, Buffett has insisted that he does not hold any cryptocurrency and he does not plan to do so in the future. He, however, thanked Sun for donating $4.6 million to charity.
It’s important to note that even though Buffett has not changed his position on crypto, he somewhat understands how distributed ledgers work. During the interview, he made a couple of references showing that he understands bitcoin. He even joked about creating a “Warren Currency” with a 21 million hard cap that people can use after he is dead.