Warren Buffett gives his most comprehensive explanation for why he doesn't believe in bitcoin

Bitcoin has gained acceptance from the traditional financial and investment world in recent years, but Warren Buffett remains skeptical of the cryptocurrency issue.

On Saturday Warren Buffett, said to its annual shareholders at Berkshire Hathaway that it was not a productive asset and did not produce anything tangible. Despite the shift in the public's perception of bitcoin, Buffett stood by his views. Buffet said, “I don't know if it will go up next year or 5-10 years. But one thing I'm pretty sure about is that it doesn't produce anything. It has a magic that attracts people, but people have seen many things as magical throughout history.” Even Bitcoin enthusiasts tend to view the cryptocurrency as a passive asset that investors buy and hold and expect to see a price increase over the long term. Buffett himself said that there is no "one" short-term buying bitcoin, everyone is a long-term bitcoin investor. Buffett explained in detail why bitcoin is not seeing value, comparing it to the other types of investments. Buffett said, "Pay our group $25 billion for 1% interest on all farmland in the United States, and I'll write you a check this afternoon. For $25 billion, I currently own 1% of farmland. [If] me If you offer 1 and you want another $25 billion, I'll write you a check, it's simple. Now if you told me you have all the bitcoin in the world and you offered it to me for $25, I wouldn't buy Bitcoin because what can I do with bitcoin? Or I'll have to sell it back to you. Apartments generate rent and farms eat, but what can Bitcoin produce?”