Buffett himself agrees that inequality is growing and bad for the world. However, look at the wording again. He said "intrinsic" value. Gold has some due to the value of the metal. You might argue that paper has some value strictly for the paper. Bitcoin has a market value that is agreed by what someone is willing to pay to won it. It has no huge intrinsic value due to the fact that even the electricity to encode it's existence is of a very minute value. I'm not disagreeing with your premise.
RE: Warren Buffett Calls Bitcoin "A Joke" As US Population Systematically Impoverished - Record 30% Of Adults Living With Roommate
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Warren Buffett Calls Bitcoin "A Joke" As US Population Systematically Impoverished - Record 30% Of Adults Living With Roommate
This is a pointless distinction, unfortunately. His reason for opening his mouth is clearly to shit-talk crypto. He knows that gold and paper currency have no intrinsic value - the amount of gold needed for electronic and jewelry use is so small that it provides almost no price floor/ceiling whatsoever. National currencies are all worthless.
Still, your point is well taken.
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I couldn't agree more. He's just talking crap. Unfortunately, he is treated somewhat as a god and people believe everything he says.
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