People may lose faith in the dollar, but this does not mean that bitcoin can become the world’s reserve currency. This was stated by billionaire Warren Buffett at the annual meeting of shareholders of Berkshire Hathaway, which was covered by CNBC.
He clarified that he sees no candidates to replace the US dollar as the world’s reserve currency. At the same time, Buffett called the further printing of money “madness”. Berkshire Hathaway vice chairman Charles Munger agreed.
“At some point, printing money to buy boats will become counterproductive,” he said.
Buffett is confident that the top management of First Republic Bank, Silicon Valley Bank, Signature Bank and Silvergate Bank should be held accountable for the problems that have arisen in the banks.
He also expressed confidence in US Federal Reserve Chairman Jerome Powell. According to Buffett, no one understands the state debt situation better than the head of the regulator.
The billionaire is known for his criticism of the crypto industry. In February 2020, he called bitcoin “zero” with no value. In May 2022, he stated that he would turn down the hypothetical opportunity to buy all BTC for $25.
In April 2023, Buffett called Bitcoin a “gaming token”.
Earlier, Munger suggested that the US should follow China’s lead and ban cryptocurrencies.
Source: Cryptocurrency
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