If you offered me all the bitcoin in the world for $25, I wouldn’t take it, says Warren Buffett
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- Опубліковано 29 кві 2022
- Chairman and CEO Warren Buffett and Vice Chairman Charlie Munger preside over the Berkshire Hathaway annual meeting, nicknamed the “Woodstock for Capitalists.” The Omaha, Nebraska, event gives shareholders a chance to hear the legendary pair discuss investing, their economic outlook and life. For access to live and exclusive video from CNBC subscribe to CNBC PRO: cnb.cx/2NGeIvi
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My man just sat there and calculated the value of all the farm land in the USA in his head like he was trying to figure out how much to tip the waiter
If within the next 20 yrs I end up having 5% of that old man's way of thinking.. I will be in a very solid place for life
1% farm land for 25bn = 2.5t for whole of farm lands ? Considering 850m acres of farm land overall, seems like a really big discount and not its true value
Its more likely to be 4t or 5t at $5k per acre
@@umbbaku8678 I didn't know what farmland is worth in the US or how much of it there is. So, thank's for the info.
With 25bn for 8.5m acres that would be $2.9k per acre. He said for that price, he would write a check imdeatly, cause it's a bargin. I guess he calculated with $3k per acre and then rounded down to the next 25bn. You could phrase it this way, he didn't calculate the true value, but what would be a bargin price for 1% of the farmland.
It’s actually an old trick. He’s worked it out on paper dozens of times before this, but pretends to do it off the cuff for effect. Buffet is known to do this.
Never invest in something you don’t understand.
-Warren Buffet
@@ramenlover1727 I meant it as an ironic statement. While I have nothing but respect for both of these men, I think they are wrong. I meant it as just because Buffet doesn’t understand it, doesn’t mean he’s right.
His problem is he doesn't understand... Or he clearly does understand and he knows what will happen. What does gold locked in vaults do?
@@nocturnal1970 what are you getting at?
Then I can never invest at all
@@nocturnal1970 Disappears
I could listen to Buffett for hours. He's like your grandpa. What a privilege technology allows us to listen to these legends on-demand.
He took few bitcoin on scred lol, Bad buffet, look at bitcoin now...
The fact that he said he can write a 25 billion dollar check !!! Love it
If I could do that I wouldn't be working like him.
he did wrote a check of $32billion for all the US research
To be fair, if one person owned ALL of the bitcoin in the world, it would indeed be useless. :)
100% right.... well articulated
Agreed👍🏿
True but he wouldn't have a problem trading it.
@@Dirty_D_ how wouldn't have problem with it .... and he owes 100% who will dealing with him
@@BB-km5nv It only takes a spark to start a flame brotha 👍
I aint ever heard someone say "25 billion dollars" so casually before 😭😭😭
Many people can say 25 billions, but not many people can mean it
he did donate $32billion to US research
What a lot of people in the comments fail to realize is that speculating on currency is not investing. It's gambling. They're probably right that there is lots of room to grow. But the next new game changing currency could make it obsolete as could laws and regulations. You get real cocky when you are gambling and winning. But when the luck changes the cocky suddenly get real silent. It happens everytime there's a bubble that pops. What if Bitcoin is the future but only for 5 years? What if a solar flare wipes out your wallet? What if everybody decides a newer and better crypto is the new craze? But what Warren is wisely stating is that an asset that produces and therefore can make a legit profit is the way to grow, not speculating that something will go up in price for no reason other than people want it more for now.
Buffet is an idiot.
People could have made millions in 10 yrs,rather then your tired old strategy of investing in something for 30 yrs to see a modest return.
Why not the best of both worlds?
Take the risk of investing in BTC for 10 yrs,cash out and invest in gold/silver,real estate etc.
It's a laughable 'risk' you're talking about anyways.
Oh noez! I might lose the 1000 dollars I invested in BTC in 2010?
True.
Or...I might turn 1000$ in 2010 into 20 million in 2021.
Hmmm I think I'll take that pathetic 'risk' buddy boy :P
@@richiefranklin76 I hope you're right. But it's more likely if you see any gains after being late to the party it's only because there are many people who think the same thing. And it only works until they start changing their minds. There's nothing wrong with gambling if you're into that and gambling with money you can afford to lose.
@@richiefranklin76 you must not have read OPs comment. Because you’re just arguing in support of gambling which he’s already addressed.
This is you:
You: I love eating crayons
OP: Eating crayons has been scientifically proven to be toxic but using them to draw is fine
You: I love eating crayons
@@dontrybaconnaked
Except I'm mostly investing in utility coins,not novelties like Bitcoins.
The coins I'm investing in are correcting real world problems like moving money around the world in a far faster motion then we have currently.
You don't understand the fundamentals of blockchain technology if you think there us no utility. Buffet has his billions and he will be dead by the time the full utility of blockchain tech is adopted. Makes no difference to him.
Buying and selling is easy. Tough is to hold the quality stocks. There are few gems in the world who held their stocks (after deep research) for years and sometime for decades. They are the most successful investors.
The big money is not in the buying or selling, but in the waiting
@@bobbygunz9254 Creating wealth isn't easy because some natural human characteristics that need to be fought. Investors lack patience & get tempted to reorganizing their portfolio when small movements occur in the market. Just start holding with conviction & only focus on the balance sheet.
@@Steyne968 I'm seeking for a better investing approach because I have a large quantity of money sitting in a savings account earning close to nothing. I'm open to any excellent recommendations on how to deal with this turbulent market because you appear to be doing well yourself.
@@chris-pj7rk If you can, invest in a diverse portfolio. I achieved it with the help of a copy trading strategy run by "Nicole Ann Sabin". It's been a great weight lifted off my shoulders. I'm making good money with little to no effort on my side. Her stock recommendations are excellent, and my aggressive portfolio continues to generate substantial profits. I can tell you she's a trading and portfolio diversification genius.
@@chris-pj7rk You can simply look her up in the web for consultations.
Can the full meeting be posted in 1 piece please!!!
don't thing they would. not enough views would come from that.
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can you endorse any ?
TERESA JENSEN WHITE does a perfect job. look her up on the web
thanks for the info . Found her website and it really impressive
Making money is the plan and with Bitcoin your plans can be accomplished.
That's true sir, I've been trading for some years and it has been my source of income.
@@bentleymaxwellremington1901 I've been into it for some time now, but not really seeing much benefit in it.
True, I've been Able to grow my account to a high level within a month under the guidance of a good account manager.
Yeah I've noticed that the success behind my profit in Bitcoin Investment is not solely on my skills but the help of Adrian Brayden Calebfx, the best trader I've known so far.
Do people still earn money in Bitcoin?
After watching this clip, I'm very tempted to go online and exchange what few little digital nuggets I have back into typical U.S. dollars. Seems like one of their greatest advantages throughout a storied investing career is plain ol' common sense.
They have their own agenda
That would be a foolish move. Bitcoin is the apex store of value & we haven't even seen the start of it's true capacity to increase in value.
I don't think Warren fully understands Bitcoin because he believes so much in the dollar, which makes sense for his time. Others can see now that Bitcoin has value because it's immune to inflation during weird economic times and it's very secure. It's immune to inflation and it's secure because it can't be created, changed or controlled by one entity. There are only 21 million that will ever exist, the ledger for transactions is stored on hundreds of thousands of computers all across the world and the majority determine whether new transactions are legitimate or not. It's pretty hard to beat a majority of that many computers at math, actually nearly impossible. Decentralized computers also make it very redundant, so it would be very hard to take out even a large portion of the network since computers are everywhere.
I hope you didn't panic sell a year ago because digital currency is the way of the future. Everything is going digital regardless of what old people are used to. Records turned into CDs which turned into MP3s, films turned into DVDs which turned into digital streaming. Same with photos, books, games, news articles and a million other things, so why not money?
The value of Bitcoin however lays in its:
(1) Ability to store value,
(2) Accessibility of that value from anywhere in the world,
(3) Ability to move it transnationally with ease and speed,
(4) Immunity from natural disasters or any adverse local events.
The farmlands he favors above bitcoin can be eaten up by wild-fire during harvest time; the property he favors above bitcoin can lie empty due work-from-home movements that allow prospective tenants to move out of cities; a stock can go to zero due to just a hand full of bad decisions made by a CEO or the executive board.
Accessibility of that value from anywhere in the world* *with an internet connection Just like the farm could suffer a wildfire.. Bitcoins biggest bottleneck is internet access which Govt, Hackers or worse could shut off at any moment.
The value reacts to the other markets just as well, what do you mean unaffected by disasters?
Why not seek the advise of an expert on this. Bitcoin is rising and also falling everyday every body is confused in the crypto market. This is why I follow the advise of Valerie Aileen Boisvert.>
@@williams6523 Really a good idea.. Please is the CFA on tele gram?
He's already said this multiple times, I don't know why people keep asking him about it, it's ridiculous. You're wanting to hear him say something that is going to confirm your belief but he's not going to. If it is an asset that doesn't produce anything, or he doesn't understand it, then he isn't going to invest in it. Stop asking.
Money doesn't produce anything either, its just an exchange of energy, but the only difference is the inflationary side is out of our control, remember the goverment wants the money you own to disappear in 50 years, as a 2% inflation rate does that
Agree.
That is his position (centre of competence and cash flow producing) and it’s pretty clear.
He also said he wouldn’t have an opinion about something, if he didn’t know more about it than the opposing view.
Now he is sprouting uneducated nonsense about a subject matter which he clearly doesn’t understand or has taken any time to do so.
This is disappointing for someone like him.
@@polymath100x He knows enough to state what he knows and I understand what he is saying, you do not understand what he is saying because your view of what he said is totally wrong. Everything he said is absolutely true. That's probably not going to keep others, myself included from investing money into bitcoin/cryptocurrency. But that's not what he's trying to accomplish anyhow, he just isn't going to invest in it himself.
yet he owns 10% of activision now, a dying video game producer
@@crackcrock Has nothing to do with anything he said.
Those hunting and stocking up now will become millionaires soon
I agree bitcoin will ascend to the capital throne no matter what happens to the economy
Exactly, that expression "buy back your time" well thats what investing allows you to do
i was never patient and due to being an aggressive investor, lost heavily but a friend who works at fidelity investment connected me to an F.A in the person of Nicole Deanne Mckay who helped me
@@billackman5620 The crazy part is that those F.A are probably outperforming the index and raising good returns. I will give this a look, I'm really thankful that i can came across such a conversation.
Aged well
I never believed in bitcoin I rather invest in assets
I mean if someone offered me all the Bitcoin in the world for $25 I would take it and keep it just as a souvenir from a moment in history!
You can't keep it actually, it doesn't exist except on a blockchain, if the ledger and mining stop, it as if it no longer exist. Remember Bitcoin is not a thing, it is actually an open source network software. And like all software, there will come a time when it no longer be compatible with future Computer platforms. That is why you see so many software programs have to be constantly re-written and release new versions or else if you try to load the program it will give you an error. So you will indeed be losing that $25 for nothing.
@@walden6272 so, with the hype of mining now, people are not leaving. Technically, no one can shut down the blockchain network because it's decentralized. So it will still be this price.
@@fuzeyuan1716 All network softwares runs on a specific computer platforms, as computers evolve these platforms will make old softwares incompatible. Therefore, once that occurs, the blockchain which relies on it will be out of commission.
@@walden6272 Yes, I believe there will be a newer version of blockchains, who knows.
@@fuzeyuan1716 Yes there will be newer versions of blockchains but the problem with Bitcoin is it's stuck on the old version and they cannot transfer over the data to newer platforms. And since Bitcoin is decentralized there is no central authority to plan for future platform adoption. It's like if someone told you all vehicles will be electric by 2030 and gas stations around the world will switch over to electric charging stations. It will be dumb to keep buying more gas cars when it won't work anymore. Same will happen to Bitcoin. Eventually the old blockchain isn't going to run anymore. By then the panic will set in and everyone will try to sell their Bitcoin but it will be too late, it will be worthless. Others who saw it coming would already have sold their Bitcoins and waiting for the next best thing to pop up to invest in.
Buffett is lucky enough to live in the US where the fiat currency still has some value. Try telling this to anyone that that was holding Turkish lira, Lebanese dollar, Venezuelan bolivar etc, just cuz its legal tender doesn't necessarily mean its a better choice than other currency such as bitcoin (and which the volume can't be expanded). If the fed keep printing at the rate they are I'm sure it will go down the same path. not everyone can afford to buy farmland and apartments, so the choices that are left with is fiat currency, shares (often overvalued atm), bitcoin, bonds (guaranteed loss), p metals etc.
Completely agree.
You can surely buy some farmlands outside cities and suburbs with the money (hell even some substandard apartments) that you'll buy bitcoin with if you wanted any substantial gain through crypto to afford your retirement/better standards of living.
Fiat currencies including US dollar that your spouting here do not matter in this discussion at all as we are talking about intrinsic value through real production, which Bitcoin does not have.
Bitcoin offers no more utility than does shitcoin or buffetcoin or cjmarscoin. When you can pay your taxes with Bitcoin then I'll go long!
This comment makes sense. A breath of fresh air in the grumpy old men club.
Yet Bitcoin is still more volatile than those foreign currencies 😅😅😅 40% of BTC is owned by just 2500 accounts imagine putting your trust in that and assuming they wont randomly dump their positions.
Warren Buffet quote: "If you aren't really going to make investing a full-time job, just go into Mutual Funds, they do the work for you".
Index funds
"Nobody wants their windpipe stepped on and I don't like people stepping on mine", that is a new term, to me, I find appropriate to today's world. I am not old enough to remember when tulip bulbs were highly valued, but will leave the crypto and NFT market for others to profit from and learn. I hear "safemoon" is currently going for bargain prices.
Bro common
Its a 1 trillion dollar market. This is not some stupid tulip market lol
@@ChevalLemineur The tulips he's talking about were worth a lot as a whole when that happened. Basic history.
@@jonc6157 Yes, i know the old story. Its not trillions though. This is game-changing tech, not some dudes gambling and speculating on the price of flowers. Comparing the two is kind of laughable.
Safemoon isn't doing squat. My brother bought a bunch of it.
Some of the variants too. None of them are doing anything.
This actually makes a lot of sense, people are not understanding, if they had 25 Dolars for all the bitcoin in the world I would not take it either No one would want the bitcoin because ALL OF IT is concentrated in one guy.Bitcoin would lose what makes it interesting and this guy could controlthe price of it without any problem is if you would say to me alright i give you half for 25 alright people would still want it and i can sell it in parts but it would still lose, it is kind of interesting the spark reaction that it had.
Rightly said! I am also here to learn how to invest after listening to a lady on tv talk about the importance of investing and how she made 7 figure in 3 month, somehow the video taught me nothing and left me even more confused, I'm a newbie and I'm open to ideas on how to invest for retirement
@@rajeshupadhyay5683I'll suggest you lookup Priscilla Dearmin-Turner, she have been our real investment prodigy and has also help me handled my trades for over 16 months now
Consistently investing in quality dividend paying companies over the long term is a relatively easy strategy to create generational wealth
A news host spoke so highly of💕 Priscilla Dearmin-Turner and her loss prevention strategies been trying to get to her ever since didn’t know she was so accessible here.
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I was really waiting for him to say "Buffet Bucks." It has a nice ring to it! Lol
buffet-inu hahahahah
LOL
@@migueltapia1813 hahahaha
Warren Buffett sounds like one of my one college finance instructors and he is 100% right.
No, he's a complete damned fool. Bitcoin is the money of the future, it's not a "worthless", and he clearly doesn't understand it's use case. Which is a shame. He's protecting his cantillionaire moat.
Here in November of 22 and bitcoin is at 17/k lmao !!!! This aged well
Now it's 50k.... Etf bitcoin is in wall st, And buffet took few bitcoins in screed... Never believe until you'r not trying something
Sure bud
@@Dankboi420 he is a genius Right?
This aged well
Evidently he just doesn't get it. So he shouldn't buy it.
That's what we're supposed to think, meanwhile he's invested $1bn into Latin America's largest crypto provider. Maybe he does get it and he's still collecting the asset he's dismissed for decades.
@@josephlittle7507 is that RSR coin by any chance?
@@josephlittle7507 Ya everyone missed his point. He said to buy the toll booths, so essentially COIN is producing income on crypto. its teh house making money off those who don't understand the product.
Its pretty funny and kind of sad tbh. He's one of the greatest investors of all time but apparently he doesn't have a full understanding of investing and markets. He just compared the mother of digital currency/assets to land and real estate instead of the hypothetical check he was writing or the fiat it is supposed to represent. If he could own a checking system would he buy that? If he understands that then he understands Bitcoin, he just doesn't realize it. He's a very simple and very lucky old man, good for him for not understanding everything.
@@subcitizen2012 ?? If someone gave me a the farmland in the US. Or all the bitcoin in the world you take the farmland. How hard is that to understand ? Lol
If bitcoin was owned by just one person, i wouldn’t buy it for $25 either. Its value is in its decentralization of ownership, distribution and network administration (mining). 🤷🏼♂️
Decentralisation doesn’t add utility to the coin. Each person who buys has nothing that can provide any real value. The only way they can get anything benefit from Bitcoin is selling it to someone else and hoping they pay more for it.
@@mysteryedits what i described is what gives it its value (including power consumed for mining that brings an intrinsic value into it). Utility is another topic, we agree it is still to succeed or fail in becoming either a store of value/digital gold /means of payment, but the principles are the foundations needed to at least attempt to be any of these utilities. What its being used for today (trading primarily), does not mean it cant be used for other things down the line, if it succeeds at it.
@@KhalidTahhan consuming power to mine bitcoin does not give it intrinsic value. If you work really hard at something that produces no value, you don’t get paid for it. You can work really hard at digging a hole in the ground and filling it back in and have nothing to show for it
@@KhalidTahhan It has no value to store so it can’t be a store of value. It can process Bitcoin payments but there is no solid foundation that guarantees how much that Bitcoin will be worth when you eventually want to cash out for something real
@@mysteryedits thank you for the appropriate analogy. Digging a hole to find gold, is part of the intrinsic value of gold (production). Any value above is due to its utility. I see bitcoin mining with the same lens.
I agree, especially coupled with the threat of a quantum computer where the speed is 2^qubit, of course it will be able to control more than 50% of the total hash rate.
mining maybe, control i dont know about that.
He has a point, and his complaint about Bitcoin is parallel with his complaint about gold: farms, apartment buildings, and even reinsurance companies produce things - they produce recurring revenue. Bitcoin, and gold, don't produce anything. Warren invests in businesses that produce things. It's his style. It doesn't mean that other styles aren't legitimate, but Warren's style has worked very successfully for him and his investors. IMO, his style missed out on the internet boom. In fact I only think he started investing in tech after Apple started producing phones. But he didn't understand the internet in the 90s, he doesn't see the value in gold, and he doesn't understand bitcoin. To each their own, and his style has worked very well, but his style isn't the only game in town.
BTW I am pro Bitcoin.
Is there a full recording of this year's annual meeting like in previous years?
on berkshire investor's relation page
Remember they missed microsoft Google Apple....not sure about their creditability in new technology
You forgot Tesla
YTD.
QQQ -23%
SPY -14%
IWM -18%
BRK.A +7%
Warren Buffett. What does he know? You guys are definitely way smarter
I forgot
DIA -11%
@Shinshocks You forgot to take a look at the past ten years, btc: +8,999,900%. Best invest of the decade.
One could say the same for "Gold" though. It doesn't produce anything, yet it has held value as a trading commodity since the dawn of time.
Except Gold has a lot of history
buffet doesnt like gold either
Saying one person owns all of Bitcoin is like saying one person owns all the money , in which case “all the money” wouldn’t have any value as well . Bc it comes down to an agreement between humans as to which and when money is worked something
Shows you how he doesnt even grasp the concept. He probably never had someone explain to him what blockchain tech is and why it IS a productive asset. In his example, he would be buying BTC farms, not BTC. Or that would be equivalent to saying you would buy 1% of the food from all farms, not 1% of the land. He's comparing apples to oranges imo.
Right, I couldn't even believe he made that comparison
@Cheval Le mineur Warren might invest in BTC farms, as the GPUs could be leased to others, but he’s not talking about the farms. He’s talking addressing buying BTC, so your comment doesn’t make sense.
@@apad thats the whole point. Hes comparing apples to oranges which leads me to believe that he doesnt quite understand what hes talking about when it comes to crypto.
That's why he's a billionaire and you're not.
"It's Easier to Fool People Than It Is to Convince Them That They Have Been Fooled.” - Mark Twain.
Bitcoin can ledger and transfer an infinite amount of wealth anywhere in the world almost instantly and almost for free.
The proof of work blockchain tech as a whole renders third party validators, international wire transfers and personal bank accounts irrelievent.
If you dont understand this at this point are either a fool or in Warren's case you are a shill for corporate banking interests.
Overused quote
Perfect quote for every tRump voter and bitcoin investor!
Gradually, then suddenly.. people come to realize how bitcoin is superior money
@@bernardmailman8018 no major company, bank, government accepts and or recognizes Bitcoin as legal tender.
Buffett makes an excellent point here. Bitcoin is not a productive asset. It is an alternative monetary network to the fiat-based nation-state systems that dominate the world today. It is up to each of us to choose which type of money we want to use to run our civilization. Personally, I'll vote for the one that can't be debased.
Warren Buffett is a genius. Some of these new money guys that think they know more better take notes. Through all the economic storms this man has stayed wealthy.
Not backed by anything bitcoin is dead
@@sterlingsimmons2212 I'm a big fan of Buffett's -- been taking notes for quite a while. Thanks for the engagement.
Yup! Buffet said it himself, “it doesn’t multiply”….
Bitcoin is just a Ponzi Scheme. Worthless junk.
There’s no intrinsic value to crypto. He’s absolutely right. The only value is the idiot who pays more for it. It’s a bubble and one say it will burst and many people will lose everything. Companies and farms at least produce goods that can be sold. Real value. Real products.
Companies don't produce goods anymore, they produce dollars. You get a business loan at 3% interest, buy a house at 4% interest, buy a vehicle for your real estate business at 2% interest. Then do nothing and wait a few years of 10-20% inflation to cash out your short position on the dollar. This is how a fiat business operates, because the money is broken. Real value needs money to be measured. Bitcoin is money. Government money is not real money.
Warren Buffett himself has said multiple times he doesn't know technology. Bitcoin doesnt add anything but being a currwncy. But ethereum has an actual functioning product behind it
Well countries are converting to it and so are the banking systems. ISO20022 compliant tokens are utility to ices and have extreme value. I believe the IRS is not\w accepting Bitcoin … my girlfriend just bought a place in Bali they accepted, Rupie, usd and bitcoin…..warn buffet now owns bitcoin.
@@justbuffering3299 The United States and other first world countries will never weaken their dollar by legitimizing it.
Please tell me.... what's the intrinsic value of paper money ?
he is damn right, end of story.
Many will be triggered by this!! Many will flood the comment section with their "expert" analysis and 100% of these experts don't have $10,000 in savings!!!
Lmao and us yhr dumb money have 100k in cahs from trading bitcoin.
You're right. Some of us have half a million in savings.
Warren Buffett making comments about Bitcoin is kinda like Warren Buffett making comments about String Theory. Would you believe anything that Warren Buffett has to say about String Theory, or General Relativity, or the Schrödinger equation? Of course not, because he's not familiar with those topics. In the same vein, Warrent Buffett is not familiar with Bitcoin, so there is no reason why anybody should believe anything he was to say on the subject.
I'm an expert. See my comment here, I've totally refuted Buffett.
And I've got waaaaaaay over $10k bro.
@@Andrew_2414 work on your analogies as Warren Buffett is the most prolific savant of finance in human history (>20% CAGR for 60 years) and last I checked Bitcoin is a financial product. So it’s the top financial expert who would be the #1 pick in anyone’s investment draft talking about a financial product. Seems reasonable to listen to them, yeah? To enhance and correct your poor analogy, listening to you is analogous to listening to a UA-cam commenter mocking the intelligence of the top physicist in the world talking about String Theory. Because Buffett is the top financier in the world talking about a financial product. So, it’s the same as the top physicist talking about physics. You seem to view the top physicist as a minimum wage janitor talking about String Theory.
Work on your logic and analogies and embrace a bit of humility knowing you’re a UA-cam commenter thinking they know more about financial products than the guy who has a 60+ year track record of doing finance better than anyone else. I’d love to see a 1970s version of you hyping an innovative financial product that Buffett didn’t bet the farm on then. A product that was a blip in time now since long forgotten. Oddly, you’d probably sound identical to today, mocking Buffett for being a dinosaur.
LOL!
@@eggnogaddict6287 "last I checked Bitcoin is a financial product."
Speaking of humility, you should get some yourself. Check again; Bitcoin is, first and foremost, an innovation in computer science. When it comes to computers and internet technology, my 5-year-old niece knows more than Warren Buffett.
"LOL!"
Before you can understand Bitcoin, understand fiat. Then you'll know why Bitcoin is important
and you are the expert
Fiat is created through lending, bitcoin is finite, in a world of bitcoin all you have is HAVES AND HAVE NOTS, that doesn't sound like a good world to me
Blockchain is the only good thing about bitcoin, and even it will be used against all
@Shinshocks I couldn't agree with you more, I won't even touch crypto, and here's why, 1. blockchain will be used against you, 2. Emp or solar flair you've lost your savings, 3. It's not edible.
I’d buy it all for $25, but first I would buy a boat load of the next best competitor to it.
I like his description of Bitcoin - some people make money on the fees but it's really just people trading money around and hoping that someone will pay more for it than you paid.
It's a new monetary system which can't be attacked or debased. It's true, hard, scarce, sound money. Buffett and you, are both wrong. And fail to understand Bitcoin.
@@Dowell318 People pay for Bitcoin in the price they deserve, those people will fall and break only because they don't understand and are lazy enough to study the revolution that is Bitcoin.
The reality is that you can’t buy Bitcoin at that price. Also there’s a saying do what they do and not what they say. Buffet is one of largest investors in banks that are affiliated with crypto.
Including Tim Apple who has quite a different opinion of bitcoin and owns it personally himself.
💯
He invests in those banks because he believes in the revenue that the banks bring in. Owing shares of a bank has nothing to do with owning crypto. Like he explains in the video, the point is that crypto has no real use in the world and is an asset that generates nothing.
@@Iamwunderbar keep telling yourself that pal
@@Iamwunderbar If you were a zimbmawe/Lebanese person and had your funds in a Zimbabwe/labanese bank with a, Zimbabwe gov't printing 100% fiat a year and no access to buy US stock (which in any case would be custodied and confiscateble by a Zimbabe bank/gov't). How would you invest/protect your wealth/savings?
I love how youth ignore the wisdom of experience.
I hope you are short BTC
And we love how y’all ignore evolution
Better short bitcoin with your conviction.
Short Technology at your own peril. Technology is undefeated throughout human history.
@@OhioTies how old are you? Since when has an 18 year old kid known anything
Did he sincerely say that "This is the only thing that is real money"? That's insane.
Teaches you two lessons: 1. Greater Fool; 2. In a gold rush, sell the pick and axes
You must be invested already in it. Did you?
Sell for what? That is the point!
@@garrysingh8387 are you indian?
@@garrysingh8387 I put 25$
@@Ambrodilplus yes
If you trust your countries federal/central reserve then bitcoin is pointless, but I don't and neither do a lot of people.
Yeah, people don’t get it. Modern fiat currency is a promise of value from a government, with nothing backing it up, meaning it can be manipulated and used as a tool for control by the government.
Bitcoin is the same thing, the only difference is that no one controls it, so no one can use it as a tool to abuse the citizens of a country the way the government does. Currency shouldn’t be used to control people.
Even if you do trust it, it can still provide value and utility.
That’s where you need to be logical. You can not automatically trust choice B if you do not trust choice A. I do not trust my government but that does not necessarily mean I trust anything not controlled by the gov.
until bitcoin has a standing army behind it ill go with the US dollar
@@MrBearcatjew the us army does not exclusively defend those that transact in dollars buddy. It has borders that it defends people have all sorts of assets within those borders... 🤦♂️🤦♂️🤦♂️
People have chosen to replace their money with Berkshire money it’s called owning shares of BRK.A and BRK.B…
Me: "You gonna share that candy???"
I don't have a problem with Bitcoin not producing anything. After all, the dollar, the yen, and the euro don't produce anything either and that doesn't stop people from investing in those currencies. But the problem I do have with Bitcoin is, it's only been around since 2008, and that is too short a time period to determine if it is over or undervalued relative to historical averages. As the old saying goes, time and me against any man (or currency).
A perfect scarce and full transparent asset has this beautiful intrinsic mechanism of self-balancing value formation that drives its price down as the number of owners diminishes forcing the owners to distribute the asset and drives its price up as the demand for it increases by the effect of that distribution. The economics model of the bitcoin currency was so perfectly and thoughtfully designed that it make me wonder how incredible was the genius behind its creation!
You may be on to something, due to the fact it has no lending ability to generate interest. All I can say is enjoy eating your bitcoin.
So you’re ok for paying for goods when that good is priced based on the scarcity of the currency that’s used to purchase that good?
No thanks. Bitcoin needs to be centralized and regulated
@Her Eyes On Horizon then why not use 4 leaf clovers
You're describing every finite resource ever, which is every resource on earth. Bitcoin even fails its basic function of being a transactional asset. It is worthless.
@@helloitsmehb whats a block chain?. you know nothing
4:40 “there’s only one acceptable currency” yeah, tell that to third world countries that get screwed by the IMF. I understand why Warren doesn’t see value in Bitcoin, because the problem it solves couldn’t possibly be further from his world view
Well, Btc is already almost 15 years since its inception. And well, since then, Buffet still hasn't been wrong. So, don't discount his "opinion".
The IMF doesn't screw any country. Out of control corruption, "special interests" of certain groups and populist policies screw every country and keep it poor forever.
The IMF suggests pratical policies that will eventually bring about sustainable long term growth, but will require some short term pain and some groups will lose their privileges.
90 year old billionaire can't understand perspective of a poor person in a 1st world let alone 3rd world country
He understands it’s useless son
@@mattlevinson815 put your money where your mouth is
People call him old and says he doesn't know anything. Buddy he's a genius
Which people state he “doesn’t know anything”…I’d be eager t read those comments
Just for the record when these billionaires are talking smack on BTC and telling you not to buy...their all buying it right after
If one person - let's call him Warren - held ALL of the Bitcoin, its network value would be less than $25. If one person held every phone in personal possession, making a phone call would be pointless. It's the NETWORK stupid.
this.
For someone so conventionally smart his arguments are completely clueless, but he is just too far behind the rate of change now. What value does gold have when less than 12% is used for manufacturing and industry..
You made no point. If one people held every phone in the world. The price will skyrocket. Phone is needed for communication and many other things.
All you have to do is show them the technology and it’s uses. Basically what every company do when they release a new product.
Bitcoin on the other hand, I have still yet to see what it’s need for that a normal currency can’t do.
@@Gabbyigi What does BTC do that fiat ("normal") currency cannot do? Given decentralization of control over a longer period, it can hold its value. Fiat currencies are guaranteed to go to zero. History is my witness. You just have to be patient... and read up on Metcalfe's Law and network effects.
@@Gabbyigi Bitcoin has a limited supply. This ensures that your purchasing power will tend upwards in time, unlike fiat where it goes down. They can print unlimited amounts of fiat. That is one of the major differences between the two.
One day, Bitcoin will go down in value and no one will know why. Then again no one knows why its 40k now.
People always have to have a trendy scam to pass off to the greater fools. They pump it up 'til it pops, then it's on to the next trendy scam.
You don’t know why. The non helmet wearing people know.
Lol... Do some research
Because it is just manipulated by a single man that's why it happen all the others who support bitcoin are workers of him that one man is going to enslave humans
It doesn’t matter what he say. He is not the only human being left in this world. Billions of people exist. So there are billion of thoughts and ideas about different things. A single person’s say doesn’t effect the whole system.
Decentralized by nature. We must stay original and not become the hive mind!
1. I want to BUY a private purchase sale of a vehicle for $40,000.00
2. The sale is a 8 hour drive away.
3. I don’t want to carry cash on this drive because of theft or loss.
4. I can instead carry a “digital wallet” the size of a “thumb drive” and hide it on my person.
5. I can then transfer the money to the other parties “wallet.” Within a few seconds.
6. Do you not see where this is going?
when gramps throws down knowledge and you are sitting there looking at your crypto portfolio light headed lmaoooo
If gramps bought 100MM for 10C a pop.......
LOL
3:17 "there's no more money in the room, it just exchanged hands." Exactly! Unlike the current system, we just print more if we need it.
The money printed are future debt to be paid back.
Well said! I am also here to learn how to invest after listening to a lady on tv talk about the importance of investing and how she made 7 figure in 3 month, somehow the video taught me nothing and left me even more confused, I'm a newbie and I'm open to ideas on how to invest for retirement.
@@rajeshupadhyay5683
I'll suggest you lookup Priscilla Dearmin-Turner, she's the real investment prodigy and has also help me handled my trades for over 16 months now.
Even though Buffett may be right, I still hope Bitcoin doesn't crash to become worthless. Not because I own any Bitcoin but because it is did go back to zero, then a whole generation of relatively young investors without much physical assets such as property, will have lost all of their hard earned savings.
They need to learn a valuable lesson. The younger the better
If you think their words have no merit, then I have some tulip NFTs to sell you.
I’m looking for some $10,000 tulip bulbs to buy also.
He sound like he’s just on the hood side with the banks and don’t want big banks to be replaced. Bitcoin was suppose to be a decentralized currency backed by the people. Same as the dollar technically but never see him bashing the dollar
The key word here you mentioned is “supposed”. Bitcoin is “supposed” to be all kind of things but the reality is it hasn’t done any of the promises that it’s “supposed” to do. No one is using it as a medium of exchange. No one is pricing any goods/services or making loans in units of Bitcoin. In the end, Bitcoin has NOT function as money.
@@rick03168 we now pay for things with tech no need for cash
Well guess you haven’t been listening - he says the same thing about the dollar or gold.
He's talking about it as an investment and intrinsic value not a mode of payment or currency. He's said similar things about gold.
I don't want banks to be replaced. I enjoy having fraud protection, not having to worry about losing my password, and being able to earn interest.
Banks provide a valuable service, they keep your money safe. There is a reason you rarely hear about people having their life savings stolen or lost with USD.
His meaning is all the hedge fund are park at bitcoin...most of hid wealth are at stock market...so which one would he choose and recommend
The man really enjoys what he does, and all the metric he uses to seek out quality companies he feels excited about. If he is only in it for the money, than yeah he would probably bet on crypto.
Well he wouldn't bet on Crypto - like he said, the people who profit from crypto do so by acknowledging that it's worthless, and trying to increase its hype so that the next guy who MIGHT be fooled into thinking it has inherent value pays more for it than they did, or they rely on the next guy thinking he can hype it up enough to scam the next guy better for it to be worth him buying it at a higher price than you paid for it.
@@benisprobablyangry239that’s a textbook pyramid scheme
BTC is a threat to these people and their greed
BTC is great but overpriced. i would only buy it under $25000
respect but this guy is still on the "I'll write you a check!" bus
He did not know how to use an iPhone until around 2017. After he learned it, that is how he bought the stock. I bet you he does not understand Paypal either.
Old money doesn't have time to clickity click and have to talk back and forth with you about where to send the money and or have to worry about limits. Big money takes your name, signs on the dotted line and keeps it moving.
What value does a block of gold provide other than the money that a guy would give if you sell it....same is for bitcoin..and it doesn't take space and can sell it instantly
It’s like him saying “What will I do to a $25 paper bill. It’s just a paper, it doesn’t cost anything.”
It is so disappointing when you idolise someone for being hyper successful and insightful within a certain field, starts talking about a particular field you know alot about. And you realise they are talking out their ass! And you contemplate, is he also a bullshitter when it comes to the things I know little about!! Why would he talk about Bitcoin since he knows nothing about it? Why doesn't he, with all his experience, stay humble and within his field of expertise? Bitcoin is perfect engineered money that allows peer2peer transactions instantly, almost free and without issuing debt certificates. Bitcoin is a life changing technology for millions, already today!
Chill bro it's just his opinion
@@SuperTommy2005 chill bro its just his opinion
The only thing he says about bitcoin is that its not a productive asset and he is well qualified to talk about that. All crypto knuckleheads are the same, you always get so angry whenever someone says anything negative about it. Learn to listen to people with experience
@@12345678924439 he is just plain wrong. I earn 5% interest on my Bitcoin. Paid out every Monday. Life changing for a lot of people. My bank offers me -1.1%!!
Its not about the money that will be made if he gets all the bitcoin for $25. But its his integrity in saying that bitcoin is a speculative asset then and he still stands with his opinion till now.
ahhahahahhaha yu have no property rights with stocks unless you're a stakeholder capitalist like warren.
Bitcoin isn't just an asset it's a technology with a huge global network 🙄 Buffet is to old to get it.
Yes because integrity is when you make consistently wrong statements about an asset you're unfamiliar with.
Let me ask you this. If people (especially younger people) start seeing bitcoin as an alternative investment/store of value opposed to more than say the stock market.
Does that hurt or help Warren Buffet?
they called it rat poison cause they are the rats themselve!
Sounds like the US dollar and gold.
The same could be said for gold. What would you do with so much gold ? You have to sell it, but still,.it's a store of value
As someone who has made enormous wealth with the dollar as money, WB/CM have little choice in their reasoning.
I would speculate, the dollar and bitcoin with stand side by side until the first human colony reaches their 25th anniversary on Mars. Then, who knows, like in Star Trek, who needs money anymore.
you didn't watch Star Trek properly, there is money - it's just expressed through other means. money means a medium to move and express value. money is an abstract concept we use to represent universal value that is interchangeable with other things of value. money is part of our language and how we deconstruct and measure the abstract concept of things we consider of value. its a system we use to expand our thinking and express our values. its a communication method. its the reason why humans are the smartest species on the planet. considering all this, money is apparent in Star Trek. for example, if you try to build a computer the size of Jupiter, in Star Trek you need to spend scarce things of value to get that done. its not a world where anything is attainable.
Hez a QE beneficiary it aint hard 2 tell, Bitcoin=0 QE
Same logic applies to USD: if one person owns it all, then its worthless.
The central bank does own it all though, so it is useless. It is a digital number that represents nothing but a representation of value, backed by nothing but a promise.
USA has army...they will send defence forces at your home and will stop you from going out of your home...that will be the time...you will surrender your physical self as well as freedom to think to USA govt....can bitcoin owners do that???
This Crazy old Delusional Billionaire is Living in 1950s Amurderca, He is Probably So Rich because he reuses Toilet paper and Hasn't Spend A Dime of his Trillion dollar Uncle Sham Monopoly Money Since 1969, I think he's planning on taking all his Trillions with him in the Afterlife, I Fu*king Hate these people 😙Anti-Human Scum, People Are dying Everyday from not having a Fu*king dollar in their Pockets, While this 150 Year Old "Walking Corpse' Brags about how much money he has And How it's So Eazy to make Millions , He just Forgot to tell you about the 1%
Hahahahaha so true!
The USD doesn't have value, it's simply a note like a check. It's like writing a check, the check itself has no value. You suppose to cash the check and exchange the notes for something of tangible value. Imagine if someone took all their paychecks and never cash them but simply holding on to them as if it has value, wouldn't that be stupid? That is what people would be doing by collecting Bitcoins and USD. That is why when someone claim they are rich because they have all these Bitcoins or Stocks or USD, I laugh because all they have are papers and digits on a computer screen. When you have real tangible assets that can help you sustain a comfortable life without needing to acquire more, then you are truly rich.
You guys still not getting it? Bit coins or fiat currency does not produce anything. Bitcoins value can go up or down and there will be more crypto currencies in the market. It is like a tiking time bomb which will explode. Stocks even over valued can find its place if market situation gets better over time. Plus it is producing something.
Buffet must know every fiat currency in the history of the world has eventually gone to zero. He cannot deny that fact.
I mean, yeah, he's says he'd willing to buy land and real-estate.
Buffett invests heavily in banks, so naturally he hates crypto.
That must be why Buffet doesn't invest in fiat currency either.
Buffet lived when jesus was crucified after the economy crashed in the temple.
I came here to learn how to trade after listening to a guy on radio talk about the importance of investing and how he made $460,000 in 4 months from $100k. Somehow this video has helped shed light on some things, but I'm confused, I'm a newbie and I'm open to ideas.
Investing in crypto is a good idea, a good trading system would puts you through many days of success.
I've been making passive income monthly from crypto for over a year tho' I prefer trading with the help of a professional broker Nora Hendrix because she saves me time and reduces the risk of losing funds in trading as we all know how volatile the market is.
@@leoryruth903 Interesting I’m also interested on investing, I've a huge sum of money doing absolutely nothing at all in my bank account, i wanna gets something started with it. You seem to be doing excellent for yourself, how do you achieve this?
@@jameswashington5774
Am trading with expert Nora Hendrix, a regulated broker in US, Met her sometime early last year at a start up funding event. She has some interesting things to say about the state of algorithmic trading today. Obviously I'm seeing the results.
She is genuine, a lot of people who don't know her or those that haven't traded with her would say otherwise but the honest truth is that she has helped more people read than i can count and that has to stand for something.
I would take it all! Give all bitcoin to me!! Please!
just share 10 piece with me :)
@@liangchen7495 1 for me please 🤑🙏
me 1 too
“I don’t like people stepping on my windpipe”
- Warren Buffett
We might be heading there
Well if you own the entirety of a single asset where the price is based on speculation then it would be worthless.
Not if its gold
@@rabs2461 gold still has some uses as a conductor, its a metal.
@@rabs2461 eh. Gold isn't solely based on speculation. It has utility and it's integral for a lot of manufacturing.
Any example of such asset ?
@Christian Guides Bitcoin has so much competition from other cryptos...endless competition. There is only one "gold".
Gold, Au, atomic number 79, a transition metal that was used for many things such as
money, and it mostly doesn't react to most of the chemicals.
Gold, Au, is a valuable solid that is the most malleable and ductile of all metals..
if you were as close to the $$ printing press as Buffett you wouldn't either
I get this as I invested in Bitcoin as a store of value and to hedge against inflation and equities. But it hasn’t done that. As the value of the dollar has dropped, and the stock market has dropped, so has bitcoin. So like if it doesn’t function as a store of value and hedge against inflation, what is the value in it and why should I keep some? I’m strongly considering selling my BTC and ETH as soon as it rallies again, can you explain why I shouldn’t?
Fadhil you are looking at it on a short term scale. Zoom out and look at the longer history. It has held its value very nicely compared to literally anything if you zoom out 2 years or beyond.
Munger's comments on crypto have certainly aged well. It is 11/17 a few days after SBF and FTX have melted down to zero. Crypto investors do not understand asset values or markets. Buffett's comments are 100% right because farmland produces goods or services that people need. Therefore, they can generate something of value.
One year later and BTC is up 250%, because FTX was *short* Bitcoin. Economics doesn't get any more basic than that.
The comments here remind me of what people were saying about Buffett in 1999, before the dot com bubble burst. 1999: “Buffett’s out of touch. He’s an idiot for not buying tech stocks at today’s prices. P/E ratios don’t matter anymore.”
Hahaha
I see some potential in Bitcoin, but the community who supports Bitcoin are honestly some of the most insufferable people I've ever met. Buffetts comments have really gotten them butthurt and I love it!
Except he's a value investor who didn't buy at inflated prices, he did and does buy tech stocks.
He owned tech stocks going into bubble and did not reduce holdings in them. He just didn't and never does buy during bubbles, he's a value investor, a disciple of Ben Graham does not buy stocks which are that inflated.
This is an out of touch statement especially when you consider the bank stocks he owns which invest massively in bitcoin and crypto.
Buffet does invest indirectly largely in bitcoin.
@@Sidious6460 Sorry you don’t understand. But I guess I’m glad most don’t understand how to value things. That’s how I got rich.
@@edf6478 LMFAO you clearly understand excellently kid 🤣
Fundamentally he is right. But being right doesn't always translate to being rich. Buffett believed in other things that were right, and that made him rich. I believed in the uselessness of Bitcoin when it was $16 and remained poor :'p
Things will eventually return to their intrinsic value. If someone becomes a billionare just by getting lucky, he/she will eventually return to the poor. Remember somebody bought "the first tweet" NFT for 2 million and can only re-sell it for $280. Things won't stay irrational forever and if you don't participate in it, at least you won't risk losing (since you don't know how far bitcoins, nfts are going to fall). Remember, the most important rule when it comes to investment is "don't lose money".
If being poor ALONE matters in life, then it is right giving a try in bitcoin and things like that. That's not the case for many.
Also, what's really happening when we start to value the utterly fundamentally valueless stuff like bitcoin is that, when one making money, somebody is losing money without any fundamental which is more or less like gambling. So, the humble opinion is, if there is any advancement happening around the globe that doesn't relate to fundamentals is kinda chaos for the society in the long run. At any given time, whether it is 1000 yrs ago or 1000 yrs in the future, the fundamentals are the reality. Food, etc.. We'll never know what will happen to bitcoin then.
@@chendavid9582 buffett is a con man..he doesn't buy value ; he buys monopolies, and btc is good hedge against a profligate ,corrupt FED...TECHNOLoGIES With NETWORK EFFECTS ARE VALUABLE,dodo bird.
You made the right choice not to buy any. Crypto is stupid, evil and make us foolish.
It was a successful hype-job. If Bitcoin was several thousand, it's because people were paying that much for it. It's redundant and useless. Early buyers hype it up, ditch it, and make millions.
One value bitcoin has had for me, was that on Friday morning before the markets opened, bitcoin was telling the world that US stocks were going to get crushed. Would have helped the Europeans who bid their shares up.
You don’t look at futures contracts? Or just listen to people?
Dont act like you know something we dont know.
I don't believe bitcoin price should be driven by its scarcity because there isn't any scarcity at all, because when a coin can be cut down to indefinitely smaller units, it is essentially limitless in supply. Unlike my house and my farms, where you cannot indefinitely break them down to smaller pieces, making them the true scarce assets.
Dudes are older than dust 😂😭
The only person I trust talking about in terms of the stock market 😭❤
He's really such a down to earth guy. And with the very best advice for us little investors: get into a stock index fund, letting it roll until you retire- as a millionaire! Gracias, Mr. Buffet! Absolutely foolproof and as safe as playing the markets can be.
@@crowdog56 Would love to have that certainty of growth for the US market! :)
If u are the only one using instagram or snapchat then what is the point in that?
U can say that for every network
Buffet and the crypto kids remind me of a SpongeBob meme.
The world is constantly evolving nobody cared about stocks or investing back then look where the prices are at now, same thing with digital currencys he might disregard it now but in the future it's definitely going to blow up.
Love the concept of frictional cost, particularly in connection with bitcoin. The bitcoin network consumes about 200 TWh of energy per year. If we assume a cost of $0.1 per kWh, that is about 20 billion dollars per year. It is a very real cost and someone is paying it.
Yeah now imagine the cost to run [insert anything here]. Someone's gotta pay it!
All for the "participation proof", which is a nonsensical circular reference of jargon to lead an investigative mind in circles searching for the truth/value. There is none. Meanwhile, go to Wikipedia and learn how a Nuclear reactor works within a matter of 5-10 minutes.
@@bubbleboy821 That is obviously the case, but usually the cost of running something is offset by what it provides in return. Bitcoin produces nothing and (as of today) is not particularly useful as currency either, meaning it's only arguable value is as a value reserve. But if the market cap is about 700 B and it costs 20 B a year to run, its use as a value reserve costs 2.85% p.a. I don't think traditional reserves of value are nearly as expensive to maintain.
@@TheChele2 well said.
Electricity is usually priced at negative prices, at least for the big mining companies. They're actually providing stability for the grid, which provides value to the grid, so they actually get paid to run their miners.
He just doesn't understand it yet, like he didn't understand Apple for years.
Don't take it for a currency. Take it as digital gold and you're already way ahead.
Granted he's got the same exact arguments for gold too.
You good sir are an imbecile. Go on and invest more in the ponzi scheme
What exactly is digital gold if it’s not a store of value like a currency?
Durable competitive advantage. That's what Buffett invests in.
That's what I understand and believe in.
"it isn't going to do anything". Mate it is the most secure way to send value from one space to another, no matter how much value that would be. I would rather spend a $3 fee to send 5 Bitcoins than pay an insane amount of money to transfer gold on ship with insurance cost added on top of it, and still have the risk of loosing everything. Bitcoin's fundamentals make it the hardest asset in the world.
Lol I’ll take all the bitcoins for Warren
Then they will be worthless.
@@dgrbcreations so when Musk owns all the Twitter stock it becomes worthless?
@@d.b.1176 potentially long term.
Technically, if you owned all the Bitcoin it would be worthless. It's only valuable because they're an active market
Now i know based off gematria and numerology to associate bitcoin and finances with the number "25"
And again Warren is right.
I guess what he's saying would be true except for the fact that some people and businesses are starting to accept Bitcoin in exchange for goods and services. In essence, Bitcoin is just like any other fiat currency - it's only worth what someone else thinks it's worth. That's the universal fact - the value of ANYTHING is judged by what someone else is willing to pay for it.
That was just a temporary trick by Elon to boost the value of it before he offloaded
Finally someone accepting bitcoin is fiat too. Although it is not money , not more than dollar or euro. At least the dollar and euro is backed by the governments, confidence on that country. Means, is fiat . Fiat means fiat in Latin. You guys from the US don’t even understand the meaning of fiat, but trust me, that’s it.
Not really, they "accept" bitcoin because they can convert it in dollars/euros and use that currency in everyday life. It's a minuscule part of bitcoins that is used to buy things, 99% of people treat it like a "bet". Right now it's more like gold, but without the great properties.
No, this simply isn't true. Fiat currency isn't based on _nothing._ Much to the contrary, it's based on the productivity of the country that issues it, and the expectation that it can be exchanged for a wide array of goods and services in _said_ productive economy. Bitcoin fails to fulfill this because of its astronomical opportunity costs of transaction, its inability to be divided into smaller day-to-day transactions, and the sheer vulnerability to fraud it exposes its users to.
Its lack of utility as a currency due to its high opportunity cost and spectacular volatility means it does _not_ have the intrinsic value that the dollar has. The dollar will _always_ be exchangeable for any goods and services in the most powerful economy on Earth. Bitcoin, as far as I'm concerned, doesn't have _any_ transactional value beyond its ability to be pushed onto the next idiot to walk into the market. As stated in "Line Goes Up," it's a bigger-fool scheme, and is intrinsically worthless.
If I walk into the grocery store and try to pay with bitcoin they won't take it. There is nothing backing it, that is why it is so dangerous.