People may be losing faith in the dollar, but that does not mean bitcoin can become the world’s reserve currency. That’s what billionaire Warren Buffett said at the Berkshire Hathaway annual shareholders meeting, which was covered by CNBC.
He clarified that he sees no candidates to replace the U.S. dollar as the world’s reserve currency. In doing so, Buffett called further money printing “insanity.” Charles Munger, vice chairman of Berkshire Hathaway, agreed with him.
“At some point printing money to buy boats will become counterproductive,” he said.
Buffett believes that top management at First Republic Bank, Silicon Valley Bank, Signature Bank and Silvergate Bank should be held accountable for the problems the banks are having.
He also expressed confidence in Federal Reserve Chairman Jerome Powell. According to Buffett, no one understands the situation with 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 complete zero” with no value, and in May 2022, he said he would give up the hypothetical opportunity to buy all BTC for $25.
As a reminder, in April 2023, Buffett called bitcoin a “gaming token.” Earlier, Munger suggested that the U.S. should follow China’s example and ban cryptocurrencies.