As a clarification, Buffett went on to say that cryptocurrencies like Bitcoin are a very effective way of transmitting money, and you can do it anonymously and all that, but it doesnt mean much in the grand scheme of things: A check is a way of transmitting money, too.
Are checks worth a whole lot of money just because they can transmit money?. He finished his statement with a harsher criticism of Bitcoin, saying that the idea that [it] has some huge intrinsic value is just a joke, in my view.
A check is a way of transmitting money.
Unfortunately its not a method which would allow a person to maintain the value of their wealth if the euro and dollar crash.
I feel like potential hyperinflation of fiat currencies are the main issue Warren Buffett is avoiding. Bitcoin doesn't carry a danger of its supply being hyperinflated (massively devalued) through overprinting. That could be where a large impetus of bitcoin growth comes from.
All in all, Buffett is heavily invested in the stock market & the last thing he wants is for investors to pull their money out of stocks and put it into crypto instead. Buffett is in a position where politically he has no choice but to condemn bitcoin. He's always played it safe. New and emerging technologies are not his forte.