The billionaire told what is wrong with digital money and why his opinion was not changed by a meeting with Tron founder Justin San
The cryptocurrency produces nothing and has no fundamental value, billionaire Warren Buffett said in an interview with CNBC. According to him, this is just an entry in a distributed registry, and one can only hope that someone will buy it in the future.
"Cryptocurrencies do not have any fundamental value, do not produce anything, do not provide services. From the point of view of value, it is zero...all that cryptocurrencies give is the hope that in the future someone will pay more for them than you, " Buffett explained.
He added that Bitcoin is in most cases used for illegal movement of capital. The cryptocurrency is like a case that used to be used to transport money from one country to another, Buffett believes. He noted that he personally does not have any digital coins and will not purchase them in the future.
Peter Schiff, a well-known trader, agreed with Buffett's opinion. He also said that he does not own a cryptocurrency, and noted that Bitcoin has fallen in price, while the price of gold has risen by $40, to a 7-year high.
At the end of January, a charity dinner was held between Buffett, Justin San and other representatives of the crypto industry. The founder of the Tron Foundation paid $4.56 million to meet the billionaire and gave him one Bitcoin and 1,930,830 TRX tokens
