Understand where Warren Buffett is coming from before you bash him

Disclaimer: I don't agree with Buffett's opinions on crypto. I am not a buttcoiner. I'm just offering an alternate point of view that we don't really talk about. That being said, bring on the downvotes!

Every time Warren Buffett comes out with a new take on Bitcoin, everyone in this sub gets their pitchforks out and we blast him to oblivion. I think we could all benefit from actually understanding why he says what he says.

Buffet has been investing for over 70 years. That is longer than (probably) any of us have been alive. That's more than 5 times as long as crypto has existed. He is the best at what he does, and he got there by sticking to his fundamental rules. He doesn't take unnecessary risks. He invests in what he understands. We have our own rules around here, so we should be able to respect someone for sticking to theirs. Sure, he's set in his ways, but his ways have made him 100 billion dollars, so can we fault him for it?

Along comes crypto, which goes against all of Buffett's beliefs. He says crypto "doesn't do anything." It doesn't produce value. It could go to zero at any time. And you know what? He's right. Crypto doesn't produce income the way real estate does, or goods the way factories do. (Yes I am familiar with staking, we can debate this in the comments). No matter how hard you believe in the tech, crypto could go to zero and never come back. Maybe the next big thing will come along and make blockchains a thing of the past (for more on this see fax machines.)

I am a huge supporter of blockchain tech. I think the innovations that are coming out of this space have the potential to revolutionize certain aspects of our society. But I also think we have to be realistic and accept that none of that is guaranteed. We are all taking a risk. We are all gambling.