Munger is the latest in a long line of finance luminaries to voice their disdain for the world’s most popular cryptocurrency. Even compared with bitcoin’s usual detractors, though, Munger’s comments are particularly scathing, claiming that bitcoin is “anti-social, stupid and immoral,” and that he would “feel like a criminal” if he invested in it. In fact, he went so far as to compare the idea of owning bitcoin to “being a slave to money.”
In an interview with Yahoo Finance, Munger called bitcoin “totally asinine” and that “it’s just disgusting that people are taken in by something like this.” Munger added that the bitcoin investing craze “is idiotic” and “stupid enough to make a loser out of any investor.” Munger is a billionaire investor and businessman, and vice chairman of Warren Buffett’s Berkshire Hathaway Corporation.
Charlie Munger, vice chairman of Berkshire Hathaway and Warren Buffett’s right-hand man, says he doesn’t appreciate bitcoin’s success. I’m not in favor of a currency that is so convenient for kidnappers, extortionists, etc., Munger said. On the other hand, Buffett avoided answering the question about bitcoin because he didn’t want to upset the large number of investors who have long held the line about the cryptocurrency.
Charlie Munger hates Bitcoin’s success
At Berkshire Hathaway’s annual shareholder meeting, vice chairman Charlie Munger made comments about bitcoin on Saturday. The 97-year-old said in a question and answer session:
Of course, I hate the success of Bitcoin. I’m not in favor of a currency that is so convenient for kidnappers, extortionists, etc.
Munger, who is often considered Warren Buffett’s right-hand man, added that he also doesn’t like to hand over a few more billions, trillions and trillions of dollars to someone who just invented a new financial product out of thin air.
Berkshire Hathaway CEO Warren Buffett, left, and vice chairman Charlie Munger at the company’s shareholder meeting on Saturday. Source: Berkshire Hathaway Inc.
The Berkshire billionaire’s vice president continued:
I must humbly say that the whole damn thing is disgusting and against the interests of civilization, and I will leave the criticism to others.
After Munger gave his opinion on bitcoin, Berkshire CEO Warren Buffett quickly added: I have no problem with that.
The Oracle of Omaha had previously dodged a question about bitcoin, stressing that he would not directly comment on the cryptocurrency.
We probably have hundreds of thousands of people watching this who have bitcoins, and we probably have two people who don’t have bitcoins, Buffett said, and he continued:
So we have a choice between making 400,000 people angry and unhappy or making two people happy, and that’s a silly comparison.
Munger has long been a critic of bitcoin. It’s basically a kind of artificial gold substitute. And because I never buy gold, I never buy bitcoin, and I encourage others to follow my practice, he said in February. Bitcoin reminds me of Oscar Wilde’s words about fox hunting. He said it was a search for the inedible with the ineffable. Berkshire’s vice chairman once called bitcoin rat poison and compared its trading to that of shit. Buffett further referred to cryptocurrencies as rat poison squared.
What do you think about what Charlie Munger said about Bitcoin? Let us know your comments in the section below.
Photo credit: Shutterstock, Pixabay, Wiki Commons, Berkshire Hathaway
Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.
This source has been very much helpful in doing our research. Read more about charlie munger net worth and let us know what you think.
charlie munger quotescharlie munger bitcoin quotecharlie munger net worthbill gates bitcoincharlie munger bitcoin 2020charlie munger house,People also search for,Privacy settings,How Search works,how much are bitcoins worth,charlie munger quotes,charlie munger bitcoin quote,charlie munger net worth,bill gates bitcoin,charlie munger bitcoin 2020,charlie munger house,charlie munger bitcoin reddit