If you own all of the bitcoins in the world and offer it to me for $25, I won't take it – says Warren Buffett

Warren Buffett, the business magnate and philanthropist, never had a favorable view of cryptocurrency. Recently at the annual Berkshire Hathaway shareholders meeting, when he was asked about his opinion on bitcoins, he said if someone owned all of the bitcoin in the world and offered it to him for $25, he wouldn't take it. He said it's useless as it has to be sold to the same person one way or the other. "It isn't going to do anything."

The legendary investor described his viewpoint on rental properties and farmlands versus bitcoins. He said if all the people in the room owned "all the apartments in the country" or "all the farmland in the United States" and offered him a 1% stake for $25 billion, he was ready to write them a check on the spot. But for bitcoin, which has a market cap of over $700 billion, he would never do the same. He further said that the farms would produce food and the properties would provide rent, but if he got bitcoin, he would just be in the position of the person he got the bitcoins from.

According to him, the concept of bitcoin is alluring the investors, and he called it "magic." He counted, "whether it goes up or down in the next year, five years or ten years, I don't know. But one thing I'm sure of is that it doesn't multiply; it doesn't produce anything." In 2018 Warren Buffett said bitcoin "will come to a bad ending," and his viewpoint seems unchanging.