Now that Russia has invaded Ukraine, many are worried that the United States could be entering the brink of war. We have made it clear to our enemies that if democracy is threatened anywhere in the world, the country will intervene. Warren Buffett – the mogul behind real estate giant Berkshire Hathaway – says that investors should avoid things like bitcoin and gold for now, and they should instead put all their money into stocks, as they are the safest bets in times of war.
Warren Buffett Prefers Stocks Over BTC
To be fair to Buffett, he has always been ill spoken when it comes to bitcoin. He has commented in the past that bitcoin is “rat poison squared,” and he has often had rather derogatory things to say about the world’s number one digital currency by market cap.
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Now, however, he allegedly has separate reasons for being unkind to BTC. He says hoarding cash and using it to purchase non-traditional items like bitcoin is the wrong move to make. He says buying stocks is the equivalent of investing in companies, and he thinks this is the best way to keep one’s wealth safe in moments like these. In an interview, he stated:
If stocks are cheaper, I’ll be more likely to be buying them.
He also advised that cashing out so long as conflict remained in place would be a big mistake. He said:
Well, if you tell me all of that is going to happen, I will still be buying the stock. You’re going to invest your money in something over time. The one thing you could be quite sure of is if we went into some very major war, the value of money would go down. I mean, that’s happened in virtually every war that I’m aware of, so the last thing you’d want to do is hold money during a war.
Is a Major War Coming?
Buffett has also commented that he does not do business in Russia. While he has tried to in the past, he says he has encountered many problems there. He also stated that stocks rose heavily during World War II, and he believes that they will take a similar route should fighting continue in eastern Europe. He says:
American businesses are going to be worth more money. Dollars are going to be worth less, so that money won’t buy you quite as much, but you’re going to be a lot better off owning productive assets over the next 50 years than you will be owning pieces of paper, or I might throw in bitcoins.
Buffett has been purchasing stocks for 80 years. He first bought stock in 1942 at the age of 11. At this time, the United States had been engaged in WWII for roughly one year.
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