Elon Musk mocked Warren Buffett after the legendary investor once again hit out at cryptocurrencies over the weekend, saying he wouldn’t agree to buy “all of the bitcoin in the world” for $25.
Posting a video of Buffett speaking at Berkshire Hathaway’s annual shareholder meeting on Saturday, venture capitalist Marc Andreessen wrote it was “wild” that Buffett criticized bitcoin “while nakedly shilling diabetes” — a reference to the boxes of See’s Candie’s that surrounded the legendary investor at a table.
“Haha, he says ‘bitcoin’ so many times,” Musk tweeted in response.
Buffett and his top deputy, Berkshire Hathaway Vice Chairman Charlie Munger, had few good things to say about cryptocurrencies at the annual meeting.
Buffett, who is currently the sixth richest person in the world with a net worth valued by Forbes at around $116.8 billion, said he is opposed to bitcoin because it’s not a tangible asset like real estate or other businesses.
Musk is a supporter of cryptocurrency, frequently promoting dogecoin.AFP via Getty Images
Haha he says “Bitcoin” so many times
— Elon Musk (@elonmusk) May 1, 2022
“Whether [the bitcoin price] goes up or down in the next year, or five or 10 years, I don’t know,” Buffett said.
“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?” he said. “I’d have to sell it back to you one way or another. It isn’t going to do anything.”
Last month, crypto supporter Peter Thiel, the billionaire investor, hit out at Buffett, calling him a “sociopathic grandpa from Omaha” and an “enemy of bitcoin.”
Buffett’s No. 2 at Berkshire Hathaway, Charlie Munger, has also criticized bitcoin.Bloomberg via Getty Images
Thiel said investors should embrace cryptocurrency as a hedge against inflation.
Munger said he would never invest in bitcoin because “in my life, I try to avoid things that are stupid and evil and make me look bad…and bitcoin does all three.”
Musk, meanwhile, has been an enthusiastic supporter of dogecoin, the meme-inspired cryptocurrency which was started as a joke in 2013 as a way to make fun of the hype surrounding bitcoin.
The digital currency features the face of the Shiba Inu dog from the viral “Doge” meme as its logo and namesake.
Buffett has been opposed to bitcoin because he says it’s not a tangible asset like real estate or other businesses.Photothek via Getty Images
Last month, Musk, whose $44 billion bid to take over Twitter was accepted by the company’s board of directors last week, floated the idea of Twitter users paying for a monthly subscription using dogecoin.
Musk has repeatedly touted Dogecoin in recent months, once referring to himself as “The Dogefather” and infamously referencing the meme token during his appearance on “Saturday Night Live” last year.
Bitcoin is the most valuable cryptocurrency on the market. As of Monday morning, it was trading at $38,907.51 per bitcoin. The digital currency also has a market capitalization of $740.2 billion.
Dogecoin is the 12th most valuable digital coin on the market. It has a market capitalization of $17.4 billion.