Year-over-year inflation for April was 8.3%, a slight dip from the March figure of 8.5%. The stock market is not happy🤬, of course— and Bitcoin is now below $29k, down more than 50% from its Nov. ’21 high.
At the recent Berkshire Hathaway annual meeting, Warren Buffet reiterated his disdain for cryptocurrencies, saying he would not buy all the cryptocurrency in the world for $25. (I would 😊). I suspect he picked $25 because he then said if someone offered him a 1% stake in all the farmland in the country, he’d immediately write the check for $25 billion. (Got me. I cannot do that even if I wanted to).
His point was that cryptocurrency has no intrinsic, underlying value, and cannot be used as a real-world asset to produce income.
