Just think of all the times where we have to use transactions that are immutable (so they can't be reversed), trustless (so there's nobody to blame), and decentralized (meaning you need economic incentives to do expensive work to reach a consensus that's correct). I'm sure there are tons, the decade old technology is brand new, it's gonna find use eventually I swear, by the way do you want to buy my bitcoin for dollars I can actually pay my taxes with?
The distributed ledger technology is great, but it needs to be harnessed into a repeatable per-transaction money-maker to be useful. Anyone can over-pay for a bitcoin and hope they can sell it to someone fearing that they're missing out. The problem is that the FOMO crowd is thinning out.
Can you name at least one?
Also, Buffett's quote here isn't some significantly new perspective. Hasn't this been the primary argument against bitcoin since the beginning?
> But you don't get twice the tech value by doubling your amount of coin owned.
I think holding bitcoin is more of an investment in the underlying technology. If it is useful, presumably the demand will rise for it. It's like owning a stock that has most of its value in its intellectual property. For instance, Disney has a P/E (price earnings ratio) of 38, significantly higher than the typical firm. This is due to Disney's intellectual property. Disney will be able to produce and profit from Marvel movies for years along with their extensive catalog. When an investor buys Disney stock, a big chunk of what they're paying for is the technology (in this case intellectual property)
Bitcoin has a lot of baggage, from energy consumption to the toxic community. But if you look at it on the protocol level, it is incredibly valuable. You can transfer and verify ownership of a finite amount of some numbers. It's a technology. How much is double entry book keeping worth? Now you can say the technology is already out, so obviously no one would pay to "buy" double entry book keeping because anyone could continue using it for free.
Similarly the Bitcoin technology can be repurposed and used in other tokens, and it has. But Bitcoin is unique in that it came along with a unique set of circumstances. For one, its original proceeds are fairly distributed (no pre-mine). It also helps that the creator is still miraculously anonymous. Other shitcoins, even Ethereum has a relatively concentrated ownership and centralized control. Bitcoin is also more battle tested and has a history the suggests the community would be immune to arbitrary changes (e.g. increasing number of tokens). Another coin could come along with a benevolent dictator, not hoard tokens for personal gain, take all Bitcoin's greatest ideas and add to them, create a community and trust over a decade or so, and overtake bitcoin as a de-facto leader in digital cash, but that's becoming increasingly less likely every year.