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Buffett began his answer by saying that if all the attendees in the conference owned “all the farmland in the United States” or “all the apartments in the count
by gnrlst 4y ago
Buffett began his answer by saying that if all the attendees in the conference owned “all the farmland in the United States” or “all the apartments in the country” and they offered him a 1% stake for $25 billion, he would write them a check on the spot. (then went on to say that about bitcoin)
- toomuchtodo 4y agoOwn assets people need. It’s a pretty simple investing philosophy. Crypto doesn’t produce anything, nor can you buy anything with it you can’t buy with fiat except perhaps drugs online. What’s the value of magic tokens whose speciality is avoiding monetary controls for illicit goods? No one needs crypto (macro scale), so why would you buy it? Because you hope a greater fool comes along.
- thomasahle 4y agoSure, and if he could buy 1% of bitcoin for $25 he would probably do that too? Since he could easily sell it again for a higher price. It seems the issue was with buying _all_ the bitcoin, since it suggests that nobody wants it anymore, so he wouldn't be able to sell it.
- plsbenice34 4y agoYep. Most of the comments here are really disappointing nonsense that take the quote out of context and apply bad reasoning to it
- cuteboy19 4y agoYeah he doesn't do this buy low sell high thing. He is not a trader. He believes in owning things that generate value. He wouldn't take half of all btc for $25 either