"If someone offered me all of the Bitcoin for $25, I wouldn't take it, because what would I do with it?"
I have admired (and still do) Warren Buffet for many years now. When I started investing in 2015, I followed his "value investing" approach and continue to do so when it comes to equities. I mean, he is undoubtedly one of the best long term investors in history, but he fails to see the value of something like Bitcoin? To his credit, he frequently acknowledges that he does not fully understand it and he doesn't invest in something he doesn't understand, but has no one close to him ever sat down with him just to discuss the basic concepts and functionality of Bitcoin? And to be fair, I also wouldn't buy all the Bitcoin for $25 because, I think, it would destroy all of the value of Bitcoin if the market cap drops to $25 and all the Bitcoin are now controlled by a single person, but that's besides the point he tried to make with that statement
If I could ask him (one of the best value investors of our time) a few questions, it would be:
- what's the value of a payment network that is, at all times, politically neutral?
- what's the value of a payment network that provides true ownership to the user, eliminating any need for a trusted third party?
- what's the value of a payment network that has a predictable rate at which the money supply is inflated?
- what's the value of a payment network that also acts as a store of value that is resistant to political, organizational and individual meddling and/or manipulation?
- what's the value of a payment network that also acts as a store of value that allows any individual to essentially carry the key to their wealth in their head?
- what's the value of a payment network that also acts as a store of value that allows energy producing companies to better monetize their business model by eliminating the need for down-time due to capacity/demand restraints?
- what's the value of a payment network that is accessible to any individual on earth that has a $50 phone and an internet or cellular connection?
- what's the value of a payment network that operates on a given set of rules that are impossible (practically impossible) to change or modify to the benefit of a few parties and to the detriment of many?
- what's the value of a payment network that has the highest probability relative to it's competitors of surviving a cataclysmic event?
And finally, what's the value of a payment network that combines all of the above into one? Do you think it's worth less than $25?
C'mon, Warren