Warren Buffett, considered the world’s greatest investor, believes Bitcoin “isn’t going to do anything,” and says there are two tangible assets that produce something that he’d rather own instead. Here’s what they are…

Warren Buffett says Bitcoin “isn’t going to do anything”

Warren Buffett, The Oracle of Omaha, as of June 2022 was the 5th-wealthiest person in the world with a net worth of $114 billion, $1.1 billion of it in cash, according to Investopedia.

Buffett is the chairman, CEO, and largest shareholder of Berkshire Hathaway, a multinational conglomerate that owns numerous major corporations and has holdings in a number of other public companies. Berkshire Hathaway is the eight-largest public company in the world and the tenth-largest conglomerate by revenue, as well as the largest financial services company by revenue in the world.

It is very clear that Buffett knows the difference between which investments are worthwhile and which aren’t. Apparently, Buffett thinks cryptocurrencies are not a wise investment. He doesn’t own any.

Cryptocurrencies have seen a volatile year. Bitcoin has lost 60% of its value this year and 37% in June alone as the entire digital coin sector melted down, CNN reported. At a recent annual shareholders meeting of Berkshire Hathaway earlier this year, Buffett said he’s pretty sure that “[Bitcoin] doesn’t produce anything.”

“If you told me you own all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it because what would I do with it?” Buffett asked, according to MoneyWise. “I’d have to sell it back to you one way or another. It isn’t going to do anything.”

Buffett then mentioned two assets he would buy instead of cryptocurrency given the opportunity.

1. Farmland

“If you said, for a 1% interest in all the farmland in the United States, pay our group $25 billion, I’ll write you a check this afternoon,” Buffett said. It’s pretty simple logic. People have to eat to survive. Farmland will always have value.

Bill Gates, the co-founder of Microsoft, and as of June 2022 the 4th-wealthiest man in the world, is considered to be the largest private owner of farmland in the United States, holding some 269,000 acres and dozens of states, FOXBusiness reported. He recently picked up another 2,100 acres of prime farmland in North Dakota.

New services allow you to invest in farmland by investing in publicly traded real estate investment trusts that specialize in owning farms. As an investor, you earn cash income through crop sales and leasing fees, as well as any long-term appreciation.

2. Apartments

“[If] you offer me 1% of all the apartment houses in the country and you want another $25 billion, I’ll write you a check,” Buffett says. Another thing people will always need is a place to live. It doesn’t matter whether there is a booming economy or a recession. This basic need of life doesn’t change.

As an investor, you can either buy an apartment building yourself or invest in a Real Estate Investment Trust (REIT), which are companies that own or finance income-producing real estate. Marketplaces such as CrowdStreet allow you to invest online in private equity real estate without the hassle of having to be a landlord yourself.

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