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Bitcoin: Warren Buffett Wouldn't Want All the BTC in the World for dollar25

Categories: Bitcoin US

 It was a volatile weekend for Bitcoin, which began by falling sharply on Friday night, hitting a low of $37,425 (in line with the sharp drop in the US stock market, and in particular the Nasdaq, on Friday afternoon), before bouncing back on Saturday afternoon and especially on Sunday, peaking at just over $39,000.In terms of news, the highlight of the weekend was Warren Buffett and Charlie Munger's speech at Berkshire Hathaway's (NYSE:BRKa) annual shareholder meeting on Saturday, during which they spoke about Bitcoin.

Buffett gave some examples. He would pay $25 billion for a 1% interest in all the farmland in the US. He would also pay $25 billion for a 1% interest in all the apartment buildings in the country. "I'll write you a check this afternoon," he said.

He then elaborated: "First, it's stupid because it's still likely to go to zero. It's evil because it undermines the Federal Reserve System... and thirdly, it makes us look like idiots compared to the Chinese Communist leader. He was smart enough to ban bitcoin in China."

Bitcoin's technical profile remains bearish

From a chart perspective, a step back in daily data shows that bitcoin's solid rise over the weekend has not improved the cryptocurrency's bearish profile.It remains stuck below several key obstacles, including a downtrend line visible since early May, currently at around $39,000, then the key psychological threshold of $40,000, and the 100-day moving average at $40,900.On the other hand, it should be noted that bitcoin took support from the $37,500 area for its weekend rebound, confirming the importance of this support, which has helped limit bitcoin's losses since late February.

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