As CNBC, CNN, and others broadcast live updates from Berkshire Hathaway’s annual shareholder meeting today in Omaha, Nebraska, legendary investor Warren Buffett defended cash over “new forms of money” and stated the company would “always have a lot of cash on hand.”
Buffett, 91, did not mention bitcoin or other cryptocurrencies, but he has previously stated that they have no intrinsic worth.
Buffett added, holding out a $20 bill, “The United States government affects that this becomes exchangeable for legitimate money in the United States.”
He went on to say, “That’s what money is. It’s possible that it’ll end up being far less valuable in terms of purchasing power….But this is the only thing that will pay the bills when people say they’re looking for new forms of money.”
In 2020, Tron founder and CEO Justin Sun paid $4.57 million for dinner with Buffett in Omaha, with the proceeds going to the Glide Foundation charity in San Francisco.
“It was a true honour, and I appreciate Mr. Buffett’s generosity, intelligence, and vision,” Sun remarked.
What do you think about Buffett’s belief in cash? Comment below.
Read more: Is Warren Buffett Bitcoin friendly now?
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