People may lose faith in the dollar, but that does not mean bitcoin could become the world’s reserve currency. Billionaire Warren Buffett said this at Berkshire Hathaway’s annual shareholders meeting, covered by CNBC.
He added that he does not see any candidates to replace the U.S. dollar as the world’s reserve currency. He called further money printing “madness.” Berkshire Hathaway vice chairman Charles Munger agreed with him.
“Printing money to buy boats will become counterproductive at some point,” he said.
Buffett is confident that the top management First Republic Bank, Silicon Valley Bank, Signature Bank and Silvergate Bank should bear responsibility for the problems that have arisen in their operations.
He also expressed confidence in Federal Reserve Chair Jerome Powell. According to Buffett, no one understands the state of the national debt better than the head of the regulator.
The billionaire is known for his criticism of the crypto industry. In February 2020 he called bitcoin a “total zero” with no value, and in May 2022 he said he would not entertain the hypothetical possibility to buy all BTC for $25.
In April 2023 Buffett called bitcoin a ‘game token’.
Earlier Munger proposed that the United States follow China’s example and ban cryptocurrencies.