Dogecoin Surges Again... Who Wins the Musk vs. Buffett Showdown? [Correspondent Diary]

'The Sage of Omaha' Capitalism Woodstock and 'Dojipadeo' SNL's Old vs New Showdown
Burrit, Munger, and Musk's Battle Approaching
"Cryptocurrency is Disgusting" Offensive Met with "Let's Have More Dojipadeo Performances"
DogeCoin, Which Had Plummeted, Surges Again... New High Imminent

[Asia Economy New York=Correspondent Baek Jong-min] The showdown between 'the Sage of Omaha' Warren Buffett and 'Doge Father' Elon Musk is intriguing.

Buffett opened the salvo, but attention is focused on what kind of response Musk, who will appear a week later, will make.

In a situation where the confrontation between the two representatives of value investing and cryptocurrency investing is highlighted, American cryptocurrency investors are also seen seeking another rebellion centered on Musk.

On the 1st (local time), the Berkshire Hathaway shareholders' meeting Q&A, called the 'Woodstock of Capital Markets,' took place. Due to COVID-19, this event was held online for the second consecutive year, and investors showed interest in what kind of outlook Buffett, who suffered a big loss last year, would present.

The main points can be roughly summarized as "Airline stocks are still not investment targets," "Selling some Apple shares was a mistake. Apple is too cheap," "SPACs are speculative playgrounds," and "The U.S. economy is recovering rapidly, raising concerns about inflation."

However, there was a statement that attracted more attention. It was Buffett's opinion on cryptocurrencies such as Bitcoin.

Buffett, apparently expecting questions about cryptocurrencies, said, "I will avoid answering," and instead made a joke. He assumed that hundreds of thousands watching the shareholders' meeting own Bitcoin and that probably only two people have a selling position, then said, "We have a choice that makes 400,000 people angry and unhappy and 2 people happy, but that is a stupid equation."

This was effectively an acknowledgment that he and Vice Chairman Charlie Munger are opponents of cryptocurrencies. In February, Buffett had stated, "Cryptocurrencies basically have no value and produce nothing. I do not own cryptocurrencies and will not in the future."

Regarding this, the economic media Forbes reported, "Buffett joked that criticizing Bitcoin would anger Bitcoin investors and avoided the question."

On this day, Vice Chairman Charlie Munger attacked Bitcoin instead of Buffett. Munger bluntly criticized, "I dislike Bitcoin's success. Bitcoin is a currency useful only to kidnappers or robbers." He also evaluated, "The damn new invention (Bitcoin) is disgusting and contrary to the benefits of civilization."

Instead of directly mentioning Bitcoin, Buffett targeted the investment app 'Robinhood,' which individual investors use for trading stocks and cryptocurrencies.

He sharply criticized, "Robinhood encourages speculation and has turned the stock market into a casino." Robinhood members can trade stocks, bonds, derivatives, etc., without commissions. It is easy to open an account and simple to use, so last year many individual investors traded stocks through Robinhood.

On Robinhood, cryptocurrencies can also be traded without commissions. This was essentially a direct blow to Robinhood, which allowed Americans to trade cryptocurrencies commission-free.

Robinhood recently even held an event paying $1 million to members who recommended cryptocurrency trading to acquaintances. This is interpreted as an intention to further expand business through cryptocurrency trading in addition to existing stock trading.

◇'Woodstock of Capitalism' vs. 'Doge Father' SNL Showdown

Cryptocurrency investors appear indifferent to the remarks of the two 90-year-old investment giants Buffett and Munger. Dogecoin, which has even bigger bubble controversy than Bitcoin, rose by 6%, approaching an all-time high of 41 cents. It has not only overcome the recent plunge but is also expected to rise further.

Cryptocurrency investors are paying more attention to Elon Musk, Tesla CEO's SNL appearance on the 8th, a week after the Berkshire Hathaway shareholders' meeting. Expectations arise because every time Musk has expressed support for Bitcoin and Dogecoin and disclosed trading facts, these cryptocurrencies surged.

Earlier, Musk posted on his Twitter, "Doge Father. May 8 SNL," drawing cheers from Dogecoin and cryptocurrency investors.

Individual investors focused on the fact that he repeatedly announced that he would host 'Saturday Night Live' (SNL), NBC's largest terrestrial broadcast comedy program, and mentioned Dogecoin.

Coincidentally, Musk asked the public for opinions on the SNL show on the day of Berkshire Hathaway's shareholders' meeting. It is unclear whether Musk was conscious of Buffett, but the timing of the statement is peculiar.

He mentioned the show's performance contents as 'Work James Bond,' 'Irony Man,' and 'Baby Shark Tank.'

After Musk's tweet, a Twitter user suggested the idea of 'The Doge Father.' They requested to reinterpret the movie 'The Godfather' using Dogecoin. Musk replied 'definitely.'

Some investors even proposed creating a token (a type of cryptocurrency) called 'Work James Bond' on the community 'Reddit.'

A small investor who invested a small amount in Dogecoin that day said, "If I buy Dogecoin now and hold it until Musk's SNL show airs, I think I can make a capital gain."

It was newly felt that many investors are listening to Musk's words instead of Buffett's.

This content was produced with the assistance of AI translation services.