Will Warren Buffet Buy All Bitcoin Supply?

Will Warren Buffet Buy All Bitcoin Supply?

There is debate in the crypto community regarding the likelihood that Warren Buffet, one the world’s richest men, would buy Bitcoin‘s (BTC) circulating supply, Crypto News Flash website reported.

Buffet’s wealth reaches $137 billion, while Bitcoin’s market cap at the time of writing the story amounts to about $161.71 billion, with a price of $8.801.

The possibility was given by Anthony Pompliano, co-founder of Morgan Creek Digital. He said on his Twitter account:

“Pomp” wrote that Buffet’s fortune is almost enough to buy all of Bitcoin’s circulating supply. The possibility provoked reactions, mostly negative, about Buffet. The legendary investor has taken a negative stance towards Bitcoin and cryptocurrencies in the past, referring to BTC as “rat poison squared”.

Buffet will never own BTC

One of the most notable replies came from Changpeng Zhao, CEO of Binance, who responded to Pomp that math can be tricky. He said the scenario proposed by Pomp is static, and does not regard supply and demand:

“This is where math is deceiving. It’s only true if EVERY hodler is willing to sell at the current price, which is obviously not true, as there is no 21m BTC sell wall. Alas, Mr. Buffet will only be able to buy a small portion of bitcoins, and at very high prices at that.”

Since Buffet does not want to purchase cryptocurrencies, there would be holders, including Pomp, who will never sell their BTCs to him. Buffet replied to Binance CEO’s statement by saying:

“Completely agree. Just because he has enough cash, doesn’t mean that he could get the Bitcoin. I’m not selling mine and I figure you’re not either.”

Weiss: Bitcoin Maintains Leadership

The rating agency Weiss Ratings has updated its ranking, with the Bitcoin (BTC), the biggest cryptocurrency by market cap, maintaining its leadership. It was followed by Ethereum (ETH), and then IOTA.

With a “B” rating, IOTA came after BTC and ETH as both got a “B+.” The ranking in the “technology and adaptation” grade is positive for IOTA with a “B+”. However, Ripple (XRP) and IOTA only received a “D-” rating for “market performance”.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.