After slamming Bitcoin at last year’s shareholder meeting, Warren Buffett said again this year, “I am not going to buy Bitcoin.”
Warren Buffett gave the example that if he were to acquire 1% of all farms or 1% of all apartments in the United States for a hypothetical price of $25 billion, he would make the sale. But if someone were to sell him all the Bitcoins for $25, he would not buy them.
Buffett explained that farms and apartments are productive, they have output and rent, while Bitcoin is not a productive asset and its value depends on how much the next buyer is willing to pay the seller. There are a lot of people involved in this game right now, but these Bitcoins are just changing hands between different owners, and that’s why some people make money and some people lose money.
Of course, Warren Buffett’s series of bearish comments on Bitcoin sparked backlash and mockery from cryptocurrency supporters, with Tesla CEO Musk getting in the debate.
Marc Andreessen, a pro-cryptocurrency American billionaire and venture capitalist, tweeted a video clip of Warren Buffett talking about Bitcoin on multiple occasions and commented “It’s crazy that he’s still nakedly peddling diabetes when he says these things.”, making a reference to Buffett’s attendance at a shareholder meeting where a Hershey’s candy was purposely placed on the table.
Musk responded under Anderson’s video saying, “LOL, he said ‘Bitcoin’ so many times.”
Bitcoin holder, MicroStrategy founder and CEO Michael Seiler also took note of Buffett’s latest comments, sarcastically stating, “Everyone keeps talking about Bitcoin.”
In addition to Buffett’s shareholder meeting, the cryptocurrency world has been buzzing with activity recently.
On May 5, the Federal Reserve announced its first interest rate increase of 0.5% since May 2000, in line with market expectations. In a press conference, FED Chairman Jerome Powell said he was not “actively considering” a deeper rate hike, emphasizing the “soft landing” of the economy and suggesting for the next two meetings that a 0.5% rate hike could be possible. The news soothed the crypto market, with Bitcoin briefly rising to nearly $40,000, up 5.6% in 24 hours, according to data from the BizTrust terminal.
The Bored Ape Club (BAYC) is undeniably the leader of the Non Fungible Token (NFT) market. But while proofs of interest are being purchased by collectors at high prices, others on the internet are free to copy, use and share the series’ NFT resources. Recently, for example, the maverick tech mogul Elon Musk changed his Twitter avatar to a BAYC collage.
This move can be a side reflection of Musk’s concern for the Metaverse, NFT, and especially WEB3.0, and the intention to promote their development.
With his high-frequency posting and interaction, Musk has more than 89.26 million followers on Twitter, making him and Donald Trump the most famous KOL duo in the history of Twitter communication. And after Trump was blocked, Musk also expressed his dissatisfaction with Twitter’s arbitrary deletion, blocking and algorithmic dictatorship, and aspired to make drastic changes to the proliferation of fake accounts and the advertising-based profit model.
On April 25, social media platform Twitter Inc. chose to accept Elon Musk’s buyout deal, which Musk will complete for $54.20 per share in a deal that will close within the year. After Musk completed his operation on Twitter, he excitedly said on social media: “I hope even the worst critics will stay on Twitter because that’s what freedom of speech is all about.”
By looking at Musk’s vision of the future on the Twitter, we can easily see that although it is difficult to turn a privatized Twitter into a fully Web 3.0 social platform, the Twitter of Musk’s era will still have some of the attributes of a Web 3.0 social platform.
Jack Dorsey, the founder of Twitter, who has actively embraced Web 3.0, also expressed his dissatisfaction with the current business model of Twitter’s dependence on Wall Street and advertisers: “Musk’s retraction of Twitter from Wall Street is the first step in the right direction for Twitter. In principle, I don’t think Twitter should be owned or run by anyone, and it should be a public product at the level of an agreement, not a company. However, to solve this problem, Musk is the only solution I trust, and Musk will create a platform of maximum trust and broad inclusion, which is the right goal and why I chose him.”
The river of history is rushing, and a Web3.0 revolution has come quietly.
MEME Exchange is a full-featured WEB3-based decentralized cryptocurrency exchange. The main focus is on U-based contracts, supporting USDT withdrawals for the ETH network and USDC for the TRON network. After adding funds to the platform’s contract address, the system’s smart contract will issue an equal amount of USD to start trading on the platform. Most importantly, users will control the funds from their wallets, increasing transparency and trust in transactions. On MEME Exchange, users are considered to be registered as official MEME users when they connect to the platform using a wallet address on any of the supported public chains and deposit assets.
With an improved performance of the underlying public chain and breakthroughs in smart contract, sidechain and cross-chain technologies, MEME Exchange has greatly improved asset security, transaction process design, order aggregation, and on-chain transaction speed, gradually reaching a user experience comparable to that of centralized exchanges. It also has advantages that are ahead of other decentralized exchanges, such as multi-chain asset support, open source smart contracts to control the whole process of asset interaction, decentralized asset isolation and identity verification, data ownership and value transfer, etc.
The decentralized, de-trusted and tamper-proof nature of the blockchain fits well with the Web3 identity: creating a new Internet that respects the concept of “individual value”. The MEME Exchange user experience will cover a wide range of categories and, together with a multi-layered ecosystem from multiple chains, will contribute to the development of a multi-decentralized exchange ecosystem, which is a huge step forward for Web 3.
Web 3, as the next wave of the era, aims to break the monopoly of Internet giants and build a more decentralized network. In this environment, the Web3 revolution has quietly begun with MEME Exchange leading the development of decentralized exchanges.