“If you buy something like Bitcoin or some cryptocurrency, you don’t have anything that is producing anything. You’re just hoping the next guy pays more. And you only feel you’ll find the next guy to pay more if he thinks he’s going to find someone that’s going to pay more.” – One of Warren Buffett’s characteristically negative cryptocurrency quotes
In 2010, a Florida man paid 10,000 Bitcoins for two pizzas from a local delivery joint. As of mid-September, 2021, those pizzas would cost the equivalent of $4.8 billion. That’s roughly the gross domestic product of Montenegro.
Yikes.
The establishment still looks down on cryptocurrency as some sort of goofy novelty that will eventually run its course. They might point out that some unseemly people helped to give crypto its start, or that its technology makes it inaccessible to many investors. (We don’t doubt that Buffett’s disdain for crypto stems at least in part from his advanced age. Anyone who has tried teaching a nonagenarian how to use a remote control would rather jump off a cliff than explain blockchain to one. They’d probably land next to the body of the guy who dropped 10,000 Bitcoins on pizza).
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