Warren Buffett gives his most expansive explanation for why he doesn’t believe in bitcoin

Bitcoin has steadily been gaining acceptance from the traditional finance and investment world in recent years but Warren Buffett is sticking to his skeptical stance on bitcoin.

He said at the Berkshire Hathaway Annual Shareholder meeting Saturday that it’s not a productive asset and it doesn’t produce anything. Despite a shift in public perception about the cryptocurrency, Buffett still wouldn’t buy it.

“Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything,” Buffett said. “It’s got a magic to it and people have attached magics to lots of things.”