Warren Buffett, CEO of Berkshire Hathaway Inc. (REUTERS)

Warren Buffett does not believe in bitcoin, and would not buy it even at $25. I read here

The 91-year-old believes that assets should have value and there is only one acceptable currency, which is not cryptocurrency.

Buffett was quoted as saying, “If you told me you had all the bitcoins in the world and offered it to me for $25, I wouldn’t take it. What would I do with it?” from the inside.

Speaking at Berkshire Hathaway’s annual shareholder meeting, the billionaire claimed that cryptocurrency is not a productive asset and does not produce anything tangible.

“Whether it goes up or down next year, or five or 10 years, I don’t know. But the only thing I’m sure of is that it doesn’t produce anything.”

Buffett said he has invested billions of dollars so far this year, even as he has taken punches at Wall Street.

He took questions for five hours at the much-anticipated annual shareholder meeting of his holding company Berkshire Hathaway in Omaha, Nebraska, his first in-person gathering since before the Covid-19 pandemic. He did it with his right hand Charlie Munger, 98 years old.

The event, dubbed “Woodstock for Capitalists,” attracts thousands of shareholders from around the world to hear Buffett’s investment wisdom, revered among investors as the “Oracle of Omaha.”

With markets volatile since the beginning of the year, Berkshire Hathaway spotted deals and bought more than $51 billion in stock from January to March.

For example, it raised its investment in oil company Chevron from $4.5 billion in late 2021 to $26 billion in late March. Chevron is now among the holding company’s four largest investments, along with American Express, Apple and Bank of America. Berkshire Hathaway also acquired a 14% stake in Occidental Petroleum.

It also bought an 11 percent stake in computer maker HP, and increased its stake in video game maker Activision – which was acquired by Microsoft – to 9.5 percent.

Berkshire sold $10 billion of shares during the same January-March period.

To sum up, the Berkshire Monetary Fund fell from $147 billion to $106 billion.

But Buffett said investors do not need to worry because Berkshire “will always have a lot of cash” to weather tough times.

Joining him and Munger on the podium are Vice President Greg Appel – at 59, who is Buffett’s designated successor – and CEO Ajit Jain.

– Profits fall –

Buffett took some pictures on Wall Street, saying, “They make a lot more money when people gamble than when they invest.”

He said that the fact that his company acquired 14 percent of Occidental Petroleum in just two weeks shows that “the big companies in America, have become poker chips.”

About cryptocurrencies, he said, “Whether it goes up or down in the next year or five or ten years, I don’t know. But the only thing I’m absolutely sure of is that it doesn’t produce anything.”

The question of succession at Berkshire Hathaway is a big one due to the age of Buffett and Munger, but neither of them have said anything about retirement.

Before the meeting, Berkshire said its net profit fell 53 percent in the first quarter due to a decline in the paper value of its investments.

Berkshire reported net profit of $5.5 billion, down sharply from $11.7 billion in the same period last year.

Operating profit for group-owned companies — from insurers to energy providers to frozen desserts — remained essentially unchanged, at $7.04 billion.

A statement from Berkshire Hathaway said the decline in insurers’ profits was offset by profits from railroads, energy companies, manufacturing, services and retail sales.

But the value of its investments, which can be volatile from quarter to quarter, has slid amid market weakness this year, resulting in a paper loss of $1.58 billion.

Buffett regularly advises his shareholders to ignore quarterly fluctuations, whether positive or negative.

Berkshire’s stock value itself has held up well — up seven percent since the start of the year, while the Standard & Poor’s 500 Index, which represents the 500 largest publicly traded companies on Wall Street, has lost more than 13 percent.

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