Musk Pokes Fun At 'Omaha Oracle' After Buffett's Latest Attack On Bitcoin

KEY POINTS

Buffett said Bitcoin does not produce anything tangible
Buffett, CEO of Berkshire Hathaway, is a crypto skeptic
BTC was trading up 2% on Monday

Tech billionaire Elon Musk poked fun at Warren Buffett, the legendary investor who has earned the moniker the "Oracle of Omaha" for his pathbreaking style of investment, after the latter attacked Bitcoin during the Berkshire Hathaway Annual Shareholder meeting.

Bitcoin is slowly getting mainstream adoption with more traditional financial and investment institutions all over the world begins recognizing its role but the Berkshire Hathaway CEO is still not convinced of the digital currency. During the holding company's annual shareholder meeting over the weekend, Buffett said Bitcoin is not a productive asset and does not produce anything tangible.

Musk, a cryptocurrency enthusiast who has been very vocal about his support of the digital currency, specifically Dogecoin, reacted to a video featuring Buffett's statement. He poked fun at Buffett saying, "Haha he says 'Bitcoin' so many times."

It is worth noting that this is not the first time the Tesla CEO has slammed Buffett. In December, Musk dismissed the business magnate's job as incredibly boring and noted that he does not want it. "I'm not Warren Buffett's biggest fan, frankly," Musk said during his Person of the Year interview with Time. "He sits there and reads all these annual reports, which are super boring."

5. Warren Buffett (Current net worth: $118B) - At 91 years old, Warren Buffett is easily the most famous living value investor. Known by many to be the “Oracle of Omaha,” Buffett is a buy-and-hold investor who built his fortune by buying undervalued companies that would shoot up after. He got his start at only 14 years old, when he filed his first tax return from his boyhood paper route. From there, he bought shares from a textile company called Berkshire Hathaway and eventually became its majority shareholder. Today, Berkshire Hathaway has a market cap of $705 billion with stocks trading at more than $527,760 as of April 1, 2022. JOHANNES EISELE/AFP via Getty Images

"Does anybody want that job?" Musk asked. "I think most people do not. I don't want that job." Despite this, Musk praised Buffett's investing skill. The Tesla CEO praised Buffett saying, "So you have to say, 'Sure, he's got a high net worth, but he's doing a useful job for the economy, and he's very skilled at it and should probably keep doing it."

In April, Buffett returned the favor and praised the visionary during his interview with former CBS anchor Charlie Rose. When asked about his opinion on Musk and the market value of Tesla vs. competitors, Buffett acknowledged Musk's efforts.

"That shows what America produces. I mean, Elon's taking on General Motors, Ford, Toyota, all these people who've got all the stuff, and he's got an idea. And he's winning. That's America. You can't dream it up. It's astounding," Buffett said.

Despite Buffett's attack against Bitcoin, the world's largest cryptocurrency by market capitalization was trading up 2.42% at $38,995.99 with a 24-hour volume of $27,729,002,510 as of 2:06 a.m. ET on Monday, based on data from CoinMarketCap.