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# Warren Buffet claims he doesn't own any Bitcoin and never will, but perhaps he should...

Apparently not even a lunch date with Justin Sun could change the Oracle of Omaha's mind...

Warren Buffett has been a critic of bitcoin and crypto pretty much ever since he heard about it.

There was hope that once he was able to sit down with some in the industry he might change his might about things.

Apparently not.

Last month, Buffett sat down for the most expensive lunch in history with one Justin Sun (and a couple other crypto representatives) where there was hope both sides would learn something from  one another.

Sun spoke glowingly about Buffett and claimed he learned quite a bit.

Buffett, not so much.

# Buffet remains negative...

Buffett was in the news again recently saying how he doesn't own any bitcoin, and never will.

Saying...

> “Cryptocurrencies basically have no value and they don’t produce anything. In terms of value: zero.”

> “I don’t have any cryptocurrency and I never will."

(Source: https://www.cnbc.com/2020/02/24/warren-buffett-cryptocurrency-has-no-value.html)

Interestingly enough, this tone was actually slightly softer than the tone he took back in 2018 when he called em a mirage, tulips, and rat poison squared!

He also elaborated a bit more on his dislike for them saying that you can't really do anything with them.

> “You can’t do anything with it except sell it to somebody else, but then that person’s got the problem.”

(Source: https://www.cnbc.com/2020/02/24/warren-buffett-cryptocurrency-has-no-value.html)

You could say the same about precious metals as well Mr. Buffett, well unless you count wearing them.

# Perhaps he should have bought bitcoin...

Buffett bought the stock of another long time bitcoin skeptic many years ago.

JP Morgan.

However, Buffett would have made a lot more had he bought bitcoin instead of JPM...

Using the numbers from when it appears he first bought JPM (September 2018) until today, we can come up with some rough estimates on exactly how much be missed out on...

**JP Morgan:**

$4.02 billion invested in JP Morgan, with an average share price of $112.60.

JP Morgan share price today: $132.16 — up 17.37% since September 30, 2018.

$4.02 billion * 1.1737 = $4,718,274,000.

Total earnings: *$698,274,000.*

**Bitcoin:**

$4.02 billion in Bitcoin bought at $6,601.96.

Bitcoin price today: $9,561.35 — up 44.83% since September 30, 2018.

$4.02 billion * 1.4483 = $5,822,166,000.

Total earnings: *$1,802,166,000.*

If Buffett had invested in Bitcoin instead of JPM back in 2018, he would’ve earned an additional $1,103,892,000. 

**Which is over a billion dollars in missed gains!**

Perhaps he should investigate Bitcoin a bit more instead of just bashing it.

Stay informed my friends.

Image Source:

https://thenextweb.com/hardfork/2020/02/25/warren-buffett-made-bitcoin-instead-of-jp-morgan-chase-banks-cryptocurrency/

-Doc