Charlie Munger calls bitcoin ‘disgusting and contrary to the interests of civilization’

Charlie Munger calls bitcoin ‘disgusting and contrary to the interests of civilization’

Charlie Munger at the Berkshire Hathaway Annual Meeting in Los Angeles, California. May 1, 2021.

Gerard Miller | CNBC

Berkshire Hathaway Vice President Charlie Munger’s contempt for bitcoin has only intensified amid the digital asset record this year.

“Of course, I hate the success of bitcoin,” Munger, 97, said in a question-and-answer session at Berkshire’s annual shareholders meeting on Saturday. “I don’t appreciate a currency that is so useful to kidnappers and extortionists and so on, and I also don’t like just transferring your extra billions of billions of dollars to someone who just invented a new financial product. from scratch.”

“I think I should modestly say that all this damn development is disgusting and contrary to the interests of civilization,” said Munger, a legendary investor in his own right.

Warren Buffett, who avoided the initial bitcoin question earlier, responded to Munger’s response: “I’m fine on that one.”

The “Oracle of Omaha” said he didn’t want to comment directly on the digital token because he didn’t want everyone who is long to grieve him.

The world’s largest cryptocurrency has had a head-turning rally this year, surpassing $ 60,000 each in April, as Tesla’s involvement in major Wall Street banks turned bitcoin into mainstream. Tesla recently made a $ 1.5 billion bet on bitcoin and now accepts digital currency as a means of payment for his cars. Meanwhile, Goldman Sachs and Morgan stanley are seeking to offer their high net worth clients some bitcoin exposure.

Bitcoin was last traded above $ 57,000, down from around $ 30,000 at the start of 2021, according to Coin Metrics.

Munger has long criticized bitcoin for its extreme volatility and lack of regulation. Year round General Assembly of the Daily Journal in February, Munger said bitcoin is too volatile to serve well as a medium of exchange.

“It’s really kind of an artificial substitute for gold. And since I never buy gold, I never buy bitcoin,” Munger said at the time. “Bitcoin reminds me of what Oscar Wilde said about the fox hunt. He said it was the pursuit of the unspeakable by the unspeakable,” he added.

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