Warren Buffett: I Wouldn't Buy 'All of the Bitcoin in the World' for $25

Billionaire investor Warren Buffett says he wouldn't buy "all of the Bitcoin in the world" for $25.

"If you ... owned all of the bitcoin in the world and you offered it to me for $25, I wouldn't take it," Buffett said Saturday at his annual Berkshire Hathaway shareholders meeting. "Because what would I do with it? I'll have to sell it back to you one way or another. It isn't going to do anything."

Rental properties and farmland, though, he would purchase.

"The apartments are going to produce rent and the farms are going to produce food. And there's only one currency that's accepted," he said. "If I've got all the bitcoin, I'm back wherever [the anonymous bitcoin founder Satoshi] was."

"Whether it goes up or down in the next year or five years or 10 years, I don't know. But one thing I'm sure of is that it doesn't multiply, it doesn't produce anything," he said. "It's got a magic to it, and people have attached magic to lots of things."

Buffett, 91, has previously called bitcoin a "delusion," and "rat poison squared."

His firm's top holdings include Apple, Bank of America, American Express and Coca-Cola.

Buffett's business partner, Charlie Munger, also had harsh words for bitcoin.

"In my life, I try and avoid things that are stupid and evil and make me look bad in comparison to somebody else — and bitcoin does all three," Munger said Saturday.

Bitcoin "is stupid because it's still likely to go to zero" and is "evil because it undermines the Federal Reserve System."

"And third, it makes us look foolish compared to the Communist leader in China. He was smart enough to ban bitcoin in China," Munger concluded.

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