Buffett attacks bitcoin, Musk defends it

For the prominent American investor Warren Buffett, bitcoin is and will remain a gas plant. Elon Musk took the opportunity to answer, and he doesn’t always skimp on the words he uses.

Buffett does not like bitcoin or traders

Billionaire Warren Buffett appeared with his right hand man, 98-year-old Charlie Manger, at the first annual meeting of shareholders of the holding company Berkshire Hathaway in Omaha, Nebraska, since 2019. Together, they spent more than five hours answering questions from Berkshire Hathaway shareholders.

Taking advantage of the rostrum, the businessman, in the presence of his likely successors Greg Abel and Ajit Jaina, launched several peaks on Wall Street, saying: “When people place bets, they earn more money. They make money both in casinos and by investing. ”

Berkshire, for example, was able to buy a 14% stake in Occidental in two weeks, indicating that “most large US companies have received leverage.”

Warren Buffett without hesitation shared his strong opinion about bitcoin. “I do not know if it will cost more or less than today, in five or ten years. But I am sure that it will not change anything, it will not give anything, “he said.

Manger also ridicules bitcoin, as well as a trading app and financial advisor to Robinhood. He also ridiculed proposals from shareholders to share the roles of chairman and CEO of Berkshire.

“It’s like Odysseus is coming back after a Trojan victory, and a stranger tells him, ‘I don’t like the way you held your spear when you won this battle.’ The offer was rejected by shareholders.

Two huge changes that upset billionaires. During a five-hour exchange interrupted by questions from the holding company’s shareholders, Warren Buffett spoke candidly. Nothing very positive.

Berkshire Hathaway has invested at least $ 51 billion since the beginning of the year. But new trends, especially among small investors, do not please him.

Unlike Ilona Maska, he invested heavily in cryptocurrency

Meanwhile, Elon Musk continues to be actively involved in the crypto space, and it was thanks to his high-profile acquisition of Twitter that he was able to recoup the price of Dogecoin. His next idea is to use DOGE as a reward system and currency on social media. This will help, in particular, to combat spam.

Elon Musk has launched a personal attack on someone he considers a financier of a nursing home. Especially since we could see Buffett on stage surrounded by See’s packages and other American candy brands. Neither one nor two, Tesla CEO and colleague Mark Anderson accused him of promoting diabetes.

Needless to say, Buffett is known for his diet, worthy of a 6-year-old child. With the help of Cherry Coke, Burger King and McDonald’s, the billionaire fiercely defended the vision of finance, which is dominated by big business. For Buffett, who in 2018 compared bitcoin to “rat poison”, it was a sharp sarcasm.

The reaction to the remarks quickly appeared on Twitter. Even Chengpen Zhao, the founder and CEO of Binance, allowed himself to answer: “Bitcoin and Warren Buffett do not need each other. Warren Buffett has enough tickets and he’s happy. Bitcoin has enough support and growth. “

Following his exchange, many shareholders pointed to Berkshire Hathaway’s lack of information on environmental issues and diversity. But Mr Buffett assured investors that they should not worry: Berskhire “will always have a lot of cash”, ready to defend itself in difficult times.