Warren Buffett criticises Bitcoin says, “It isn’t going to do anything”
As war broke out in Europe and U.S. inflation soared, Berkshire Hathaway Inc.’s Warren Buffett was doubling down on a tried-and-trusted strategy to navigate the fallout. He also had more negative things to say about Bitcoin.
Warren Buffett and Charlie Munger have been constant skeptics of cryptocurrencies, with Munger calling it a “noxious poison.” The pair aired their deep criticism again on Saturday, with Buffett noting that he’d rather own lots of farmland or apartments -- what he calls productive assets -- than Bitcoin.
“What would I do with it?” Buffett said. “It isn’t going to do anything.”
Stock buying spree
The billionaire investor went on his biggest stock buying spree for at least a decade, undeterred by the geopolitical turmoil and fears of runaway inflation. He and his deputies dug deeper into the U.S. stock market and expanded the conglomerate’s stakes in Chevron Corp. and Activision Blizzard Inc., even as Buffett noted the “extraordinary” price increases in Berkshire’s businesses.
Buffett, who held court in Omaha, Nebraska, on Saturday at Berkshire’s annual shareholder meeting, had faced questions about why he didn’t take advantage of the downturn when the pandemic took hold. Now, as war and inflation fuel market volatility prompting the S&P 500 Index’s worst quarter in two years, he’s ramped up amid the uncertainty, making $41 billion in net stock purchases in the first quarter. That’s the most in data going back to 2008.
“As long as Buffett and his team are paying reasonable prices for quality companies, these investments should do well in any environment -- inflationary or otherwise,” said Darren Pollock, a Berkshire investor who’s a principal at Cheviot Value Management LLC. They reflect “the sheer volume of
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