Here's What Warren Buffett Gets Wrong About Bitcoin, According to Strategy's Saylor

During a recent interview with Ryan Rasmussen, head of research at Bitwise Invest, Strategy co-founder Michael Saylor stated that Bitcoin is a "paradigm shift" in response to a question about what legendary investor Warren Buffett and other prominent investors get wrong about Bitcoin.

Saylor noted that a lot of people also did not recognize electricity, radioactivity, or radio waves, suggesting that Bitcoin could have the same level of impact.

"If you've never seen it, you can't blame someone in 1890 for not appreciating the potential of electricity," he said.

According to Saylor, conventional thinkers do not want to be "shocked" or "burned."

"But, if you think about it, New York City's based on electricity, and all of your planes and trains, and automobiles are based on fire. So, an engineer would harness the electricity and harness the fire, but many, many people are still afraid of it," Saylor added.

Bitcoin has ten times more energy content compared to a traditional capital asset. Those who can harness its energy could turn the cryptocurrency into "an engine of growth" for their corporations.

Buffett is, of course, known as one of the most ardent Bitcoin critics. Back in 2018, he famously called the leading cryptocurrency "rat poison squared." As reported by U.Today, the legendary investor, who boasts a net worth of $166 billion, previously stated that he would refuse to buy all Bitcoins in existence for mere dollars.