{"id":746,"date":"2022-05-07T06:47:00","date_gmt":"2022-05-07T06:47:00","guid":{"rendered":"https:\/\/worldculturepictorial.com\/wcp-blog\/?p=746"},"modified":"2022-05-08T21:11:16","modified_gmt":"2022-05-08T21:11:16","slug":"buffet-simple-living-high-thinking-cryptocurrency-does-not-produce-anything-chris-munger-on-bitcoin","status":"publish","type":"post","link":"https:\/\/worldculturepictorial.com\/wcp-blog\/buffet-simple-living-high-thinking-cryptocurrency-does-not-produce-anything-chris-munger-on-bitcoin\/","title":{"rendered":"Warren Buffett wouldn’t pay $25 for “all the bitcoin in the world”: “it doesn\u2019t produce anything” “rat poison squared” Charlie Munger: bitcoin “stupid and evil and make me look bad in comparison to somebody else”"},"content":{"rendered":"\n
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\n\nIt doesn\u2019t look like legendary investor Warren Buffett will be adding bitcoin to his portfolio any time soon.<\/a> Asked Saturday at the annual Berkshire Hathaway shareholders meeting if he had changed his famously negative views on bitcoin or crypto, the 91-year-old investor didn\u2019t mince his words.

\n\nBuffett began his answer by saying that if all the attendees in the room owned \u201call the farmland in the United States\u201d or \u201call the apartments in the country\u201d and they offered him a 1% stake for $25 billion, he would write them a check on the spot. But he wouldn\u2019t do the same for bitcoin and its over-$700 billion market cap.

\n\n\u201cIf you … owned all of the bitcoin in the world and you offered it to me for $25, I wouldn\u2019t take it,\u201d Buffett said. \u201cBecause what would I do with it? I\u2019ll have to sell it back to you one way or another. It isn\u2019t going to do anything.\u201d

\n\nHe described his views on farmland and rental properties versus bitcoin as \u201cthe difference between productive assets and something that depends on the next guy paying you more than the last guy got.\u201d \u201cThe apartments are going to produce rent and the farms are going to produce food,\u201d he said. \u201cIf I\u2019ve got all the bitcoin, I\u2019m back wherever [anonymous bitcoin founder Satoshi] was.\u201d

\n\n\u201cAssets, to have value, have to deliver something to somebody.<\/a> And there\u2019s only one currency that\u2019s accepted. You can come up with all kinds of things \u2014 we can put up Berkshire coins… but in the end, this is money,\u201d he said, holding up a $20 bill. \u201cAnd there\u2019s no reason in the world why the United States government \u2026 is going to let Berkshire money replace theirs.\u201d

\n\nBoth Buffett and Charlie Munger have made hostile comments toward bitcoin in the past. Most famously, Buffett said bitcoin is \u201cprobably rat poison squared.\u201d Munger doubled down on that sentiment Saturday. \u201cIn my life, I try and avoid things that are stupid and evil and make me look bad in comparison to somebody else \u2013 and bitcoin does all three,\u201d Munger said.

\n\nDespite its recent pullback, bitcoin has soared by more than 2,000% over the past five years.<\/a> But while the world\u2019s largest crypto coin has clearly hit the mainstream, one prominent investor remains critical of the opportunity: Warren Buffett.

\n\nAt the Berkshire Hathaway annual shareholders meeting on Saturday, Buffett said that while he doesn\u2019t know whether bitcoin will go up or down going forward, he\u2019s pretty sure that \u201cit doesn’t produce anything.\u201d And that\u2019s why the Oracle of Omaha doesn\u2019t own the asset.

\n\n\u201cIf you told me you own all of the bitcoin in the world and you offered it to me for $25, I wouldn\u2019t take it because what would I do with it?\u201d he asks. \u201cI\u2019d have to sell it back to you one way or another. It isn\u2019t going to do anything.\u201d To put that in perspective, bitcoin currently trades at over $38,000 a piece.

\n\nWisdom of Warren Buffett: On Innovators, Imitators, and Idiots<\/a>
\u201cThe curse of humanity is that people feel compelled to look over their shoulders,\u201d Professor Warwick told my colleague Polly LaBarre a while back. \u201cHappiness and self-esteem depend on rank and relative income. We are consumed by relativism. If your neighbor drives up in a new Lexus, and you\u2019re still driving the Toyota that you were perfectly satisfied with yesterday, you start to become dissatisfied.\u201d

\n\n11 Ways Warren Buffett Lives Frugally<\/a>
Warren Buffett doesn’t live like your typical billionaire. Despite his roughly $125.1 billion net worth, according to Forbes, the eight-wealthiest man in the world enjoys a life of simple taste, frugal living and generous philanthropy. Here\u2019s a look at Warren Buffett\u2019s tips for living frugally.

\n\n1. Warren Buffett\u2019s House Is the Same One He Bought in 1958
\nHe lives in the same residence in Omaha, Neb., that he bought in 1958 for $31,500, the equivalent of roughly $285,000 in 2020 dollars. Buffett has no intention of putting his own home up for sale. \u201cI wouldn\u2019t trade it for anything,\u201d he told CNBC earlier this year.

\n\n2. Buffett Starts His Day With a Cheap Breakfast
\nWhen it comes to food, the billionaire investor has been known to save money by taking the fast-food route. In fact, he might kick off his day with a trip to McDonald\u2019s during his five-minute drive to work, reports CNBC. \u201cOne thing that was surprising to learn about Warren is that he has basically stuck to eating what he liked when he was 6 years old,\u201d Gates wrote. \u201cHe did move past baby food, of course, but he mostly eats hamburgers, ice cream and Coke.\u201d Buffett explained his diet in a 2015 interview with Fortune: \u201cI checked the actuarial tables, and the lowest death rate is among 6-year-olds. So I decided to eat like a 6-year-old. It\u2019s the safest course I can take.\u201d

\n\n3. Buffett Buys Reduced-Price Cars
\n\u201cThe truth is, I only drive about 3,500 miles a year so I will buy a new car very infrequently,\u201d he said.

\n\n4. Buffett Enjoys Affordable Hobbies
\nBuffett is a self-proclaimed bridge addict, and you might even catch him playing the game about 8 hours a week, according to a Washington Post interview from 2017. When Buffett\u2019s not busy being a business mogul, you might find him strumming his ukulele and singing as well.

\n\n5. Buffett Treats His Friends Well, but Not Extravagantly
\nBuffett didn\u2019t earn Gates\u2019 gratitude through grandiose and expensive gestures. Instead, it\u2019s simply about how he treats others. In his 2016 blog post, Gates gave examples of how Buffett is a kind and thoughtful friend, such as driving personally to the airport to pick up Gates whenever he\u2019s in Buffett\u2019s hometown town, calling frequently and sending news clippings by mail that he thinks Gates and his wife will enjoy.

\n\n6. Buffett Used a Nokia Flip Phone Long After Smartphones Existed

\n\n7. Buffett Doesn\u2019t Splurge on Designer Suits

\n\n8. Buffett Clips Coupons

\n\n9. Buffett Has Worked in the Same Office Building for More Than 50 Years
\n\u201cIt\u2019s a different sort of place,\u201d Buffett said of the company\u2019s Omaha headquarters in the 2017 HBO documentary \u201cBecoming Warren Buffett,\u201d CNBC reports. \u201cWe have 25 people in the office and if you go back, it\u2019s the exact same 25. The exact same ones. We don\u2019t have any committees at Berkshire. We don\u2019t have a public relations department. We don\u2019t have investor relations. We don\u2019t have a general counsel. We just don\u2019t go for anything that people do just as a matter of form.\u201d

\n\n10. Buffett Thinks Outside the Box To Save Money

\n\n11. Buffett Values Relationships Over Material Things\n\u201cYou can\u2019t buy health and you can\u2019t buy love,\u201d said Buffett, according to the Underground Value blog. \u201cI\u2019m a member of every golf club that I want to be a member of [\u2026] I\u2019d rather play golf here with people I like than at the fanciest golf course in the world. [\u2026] I\u2019m not interested in cars, and my goal is not to make people envious.\u201d

\n\nAnd in a 2017 interview with People, Susie Buffett said of her father: \u201c…it\u2019s really true that he does not care about having a bunch of money.\u201d Instead, she said, he emphasizes family. \u201cI don\u2019t think people realize, he\u2019s got a bunch of great-grandchildren and he could tell you everything about what they\u2019re all doing. He knows every one of those kids and he knows about their lives,\u201d she said.

\n\nWarren Buffett – Simple Living High Thinking<\/a>

\n\n(unquote)

\n\nImage courtesy hubpages.com<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"

(quote) It doesn\u2019t look like legendary investor Warren Buffett will be adding bitcoin to his portfolio any time soon. Asked Saturday at the annual Berkshire Hathaway shareholders meeting if he had changed his famously negative views on bitcoin or crypto, the 91-year-old investor didn\u2019t mince his words. Buffett began hisRead More →<\/a><\/span><\/p>\n","protected":false},"author":19,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"_vp_format_video_url":"","_vp_image_focal_point":[],"footnotes":""},"categories":[5,6,7,8,10,11,12],"tags":[21,22,36,26,27,59,18,58,35,52,81,41,60,19],"class_list":["entry","author-wcp-system-thinker","post-746","post","type-post","status-publish","format-standard","category-figures-and-facts","category-funny-bone","category-health-and-lifestyle","category-life-nature-society","category-quotes-and-philosophy","category-science-and-technology","category-us-and-world","tag-business","tag-economy","tag-events","tag-facts","tag-figures","tag-health","tag-life","tag-lifestyle","tag-news","tag-people","tag-quotes","tag-society","tag-true-story","tag-wisdom"],"_links":{"self":[{"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/posts\/746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/comments?post=746"}],"version-history":[{"count":0,"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/posts\/746\/revisions"}],"wp:attachment":[{"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/media?parent=746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/categories?post=746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/worldculturepictorial.com\/wcp-blog\/wp-json\/wp\/v2\/tags?post=746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}