Word-for-word: What Warren Buffett said about cryptocurrencies Monday

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In his recent comment on the digital currencies, Buffett stepped further by calling bitcoin "rat poison squared", according to CNBC reporter Becky Quick, who live-tweeted the Berkshire Hathaway annual shareholder meeting.

Regarding Apple, which has grown into Berkshire Hathaway's biggest holding, Buffett voiced his approval of the iPhone maker's plans to buy back US$100bn of its own stock.

As for Wells Fargo, Berkshire is sticking with the banking giant despite the black eye it gave itself by creating millions of fake bank and credit card accounts.

On Monday, Buffett appeared on CNBC to explain that he was so down on Bitcoin, and cryptocurrencies in general, because they don't produce anything-so they're essentially investments based on pure speculation.

"It does create a rising price, creates more buyers". You're speculating. There's nothing wrong with it.

"When you buy non-productive assets, all you're counting on is that the next person is going to pay you more, because they're even more excited about another next person coming along", Buffett said.

"If people think they're going to make money, it just draws people in".

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"I think Warren knows about it than I really do", Munger said.

"Certainly, you should work on improving your own moat and you should defend your own moat all the time".

"I love the idea of having our 5% or whatever it may be grow" to 7% or more "without us laying out a dime", Buffett said.

While Warren Buffett and Charlie Munger remain avowed crypto sceptics, Mr. Draper, PayPal co-founder is so confident in the future of crypto that he has set a $250,000 bitcoin price target for 2022.

Also he stated, "If you buy something like a farm, an apartment house, or an interest in a business..." If the only defence you have against an attacking army is a moat, we will not last that long. "[But] I see an artificial speculative medium", he said. "There ought to be some things that are beneath you, that you just don't do, and this is one".

"Whether they like it or not, the world has profoundly changed and moved on in recent years. There's no reason at all for me to encourage people to buy Apple".

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