Buffett: Bitcoin is no different than shells, i’d rather buy land

Bitcoin, as the ancestor of cryptocurrencies, has the ability to appreciate as a rocket and fly straight into the clouds. It was worth just 7 cents when it first came out in 2009, but now it’s worth more than $10,000, and the price of Bitcoin has more than doubled since its inception. It has to be said that Bitcoin’s ability to appreciate is simply magical.

Buffett: Bitcoin is no different than shells, i'd rather buy land

Bitcoin, while highly powerful, may not be worth as much as people think in the eyes of professional investors.

On February 19th, according tomedia reports, Buffett revealed his views to the media about ‘why Bitcoin is a bad investment’.

Bitcoin has transaction value, he says, but not real value. Bitcoin holders will eventually choose to buy it out. And, in his view, “the dollar can store value, but Bitcoin can’t, so it’s no different than a shell.” He also revealed that he would rather buy land than bitcoin.

But while Buffett is not optimistic about the value of Bitcoin’s investments, the price of bitcoin has been rising in recent years. Bitcoin broke through the $10,000 mark on February 10, with the latest offer reaching $10,105, up more than 45 percent from the end of December 2019.

At the same time, the supply and demand relationship is facing a period of adjustment as the number of Bitcoins has triggered a mechanism to halve production. And the risk of global uncertainty is increasing, and Bitcoin’s safe-haven properties are being recognized by more investors. There are also many people in the industry who are optimistic about the future price of Bitcoin.