Tesla CEO Elon Musk mocked the legendary investor Warren Buffett for saying Bitcoins have no intrinsic value at the Berkshire Hathaway annual shareholder meeting on April 29.
Reacting to the clip shared by crypto-backing venture capitalist Marc Andreessen of Andreessen Horowitz, Musk tweeted, "Haha, he (Buffett) says 'bitcoin' so many times.”
It’s so wild he says this stuff while nakedly shilling diabetes. pic.twitter.com/k4cy20PVpd— Marc Andreessen (@pmarca) May 1, 2022
Andreessen himself called it "wild" that Buffett attacked cryptocurrencies “while nakedly shilling diabetes," referring to the boxes of See's Candies placed on the table on the stage near Buffett at the meeting.
Even though Bitcoin has steadily grown in popularity in the investment world, the 91-year-old CEO of Berkshire Hathaway and his long-time partner and the holding company’s Vice-Chairman Charlie Munger have voiced their derision of Bitcoin and cryptocurrencies openly.
Buffett, who had in the past described cryptocurrency as rat poison, on April 30 said they were not a productive asset as they did not produce anything tangible. He said even if he had the opportunity to buy the whole of Bitcoin for $25, he would refrain from doing so.
"If you told me you own all of the bitcoin in the world and you offered it to me for $25 I wouldn’t take it because what would I do with it?” Forbes quoted Buffett as saying at the meeting.
Meanwhile, Munger said he avoids doing things that are stupid, evil or makes him look bad. “And bitcoin does all three," Munger said.
This is not the first time that the crypto community has reacted to Buffett’s criticism of Bitcoins. In April, tech investor and PayPal Co-Founder Peter Thiel called Buffett "enemy number one" of the cryptocurrency, Forbes reported. Thiel had called Buffett a "sociopathic grandpa from Omaha."
Meanwhile, Bitcoin responded well to the criticism, trading at about $38,557.09 on May 2, up 1.58 percent over the past 24 hours, as per CoinMarketCap.