Arnold Schwarzenegger is avoiding bitcoin, dogecoin, and other crypto. Warren Buffett might be the reason why. | Currency News | Financial and Business News
- Arnold Schwarzenegger shares Warren Buffett’s caution towards cryptocurrencies.
- “The Terminator” star and former California governor said he doesn’t understand them.
- Buffett advised Schwarzenegger during his campaign and on “Celebrity Apprentice.”
- See more stories on Insider’s business page.
Arnold Schwarzenegger doesn’t own bitcoin, dogecoin, or any other cryptocurrencies. Warren Buffett might be the reason why.
“I don’t invest in them,” he said in a recent New York Times interview. “I am like Warren Buffett. I don’t invest in things I don’t understand.”
Buffett famously operates within his “circle of competence,” meaning he doesn’t risk his money on assets he can’t get his head around. The investor has repeatedly criticized bitcoin, calling it “rat poison squared” and a worthless delusion, and has ruled out ever owning crypto.
Schwarzenegger has turned to Buffett for advice several times over the years. When the “Predator” and “The Terminator” star campaigned for California governor in 2003, he secured the billionaire investor and Berkshire Hathaway CEO’s services as his senior financial and economic advisor. Schwarzenegger won the special recall election, and remained in office until 2011.
The Hollywood actor praised Buffett as “the greatest investor ever, my mentor, and my hero” when he joined the gubernatorial campaign. The Berkshire chief, whose father was a Republican congressman, had known Schwarzenegger for years and believed he was the right man for the job.
Buffett was also one of Schwarzenegger’s advisors when he hosted “The New Celebrity Apprentice” in 2016. The candidates were tasked with designing a new candy for Berkshire-owned See’s Candies in one episode, and Buffett personally conducted the taste test to determine the winner of the challenge.
The two men seem to be aligned on philanthropy as well. “Easy come, easy go!” Schwarzenegger told the New York Times. “I made all my money in America. I can give some back.”
Similarly, Buffett has donated Berkshire stock to charity worth $99 billion as of Friday’s close, and has pledged to give more than 99% of his net worth to good causes.