Berkshire Hathaway Vice Chairman says Bitcoin Is Disgusting
Godfrey Benjamin May 03, 2021 09:45
Charlie Munger speaks ill of Bitcoin, coming off as the latest billionaire to criticize the cryptocurrency amid its ongoing bull run.
Berkshire Hathaway Vice Chairman Charlie Munger did not hold back on his dislike for Bitcoin at the firm’s annual shareholders Meeting.
As reported by CNBC, the billionaire investor said he hated the Bitcoin success, in response to a Q&A about digital currencies in general.
“Of course I hate the bitcoin success,” 97-year-old Munger said. “I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth, nor do I like just shuffling out of your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air.”
Amid the ongoing bull run experienced by the crypto sector, the critics of Bitcoin digital currency are few, with views totally contrary to those held by Bitcoin proponents. While Munger tags Bitcoin as a tool for malicious workers, Bitcoin evangelists like Michael Saylor see it as an idea whose time has come.
While the majority of Bitcoin proponents laud it as one of the most ingenious inventions of the 21st Century, Munger thinks otherwise.
“I think I should say modestly that the whole damn development is disgusting and contrary to the interests of civilization,” he said.
At the same shareholders meeting, Warren Buffet, the “Sage of Omaha” noted he did not want to comment directly on Bitcoin for the sake of people holding long on the cryptocurrency. However, Buffet has not been a proven fan of digital currency or any cryptocurrency in general. According to him, cryptocurrencies have no value and he noted he will not be investing in any of them.
The growth of Bitcoin for the past 6 months has however indicated the growing interest in the digital currency. The growth of the cryptocurrency industry has been daunting, with the total market cap surging north of $2 trillion. The uptick has cut across every sector of the industry from decentralized finance, to exchange tokens and Non-fungible tokens (NFTs) among others.
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