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

Discussion in 'Cryptocurrencies' started by themickey, May 2, 2021.

  1. themickey

    themickey

    Published Sat, May 1 20214:37 PM EDTUpdated 5 Hours Ago
    • Berkshire Hathaway Vice Chairman Charlie Munger called bitcoin “disgusting and contrary to the interests of civilization.”
    • “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,” he said.
    • The 97-year-old Munger has long criticized bitcoin for its extreme volatility and a lack of regulation.
    [​IMG]
    Charlie Munger at Berkshire Hathaway’s annual meeting in Los Angeles California. May 1, 2021. Gerard Miller | CNBC

    Berkshire Hathaway Vice Chairman Charlie Munger’s disdain toward bitcoin has only intensified amid the digital asset’s record run this year.

    “Of course I hate the bitcoin success,” the 97-year-old Munger said during a Q&A session at Berkshire’s annual shareholder meeting Saturday. “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.”

    “I think I should say modestly that the whole 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 question on bitcoin earlier, responded to Munger’s answer: “I’m alright on that one.”

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

    The world’s largest cryptocurrency enjoyed a head-turning rally this year, topping $60,000 apiece in April as involvement from Tesla to major Wall Street banks made bitcoin mainstream. Tesla recently made a $1.5 billion bet on bitcoin and now accepts the digital currency as a method of payment for its cars. Meanwhile, Goldman Sachs and Morgan Stanley are looking to offer their wealthy clients some exposure to bitcoin.

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

    Munger has long criticized bitcoin for its extreme volatility and a lack of regulation. At the annual shareholders meeting for 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 any gold, I never buy any bitcoin,” Munger said then. “Bitcoin reminds me of what Oscar Wilde said about fox hunting. He said it was the pursuit of the uneatable by the unspeakable,” he added.
     
  2. 7out

    7out

    What kind of logic would you expect from an old guy who predates the TV, electricity, cars and the telephone? (yes, I'm aware when cars and electricity were invented).

    He has old school mentality and will never welcome new technology. His style of logic would also suggest pretty women shouldn't dress seductively so as not to get raped or sexually harassed!!
     
    Sprout, SunTrader, johnarb and 2 others like this.
  3. BMK

    BMK

    Last edited: May 2, 2021
    VPhantom, jys78, Pekelo and 2 others like this.
  4. Fuking love me some juicero.
     
    VPhantom likes this.
  5. Nobert

    Nobert

    Capture+_2021-05-03-12-39-17~2.png

    MW-HU432_TeslaP_ZG_20191031131859~3.jpg
     
    DiceAreCast likes this.
  6. AbbotAle

    AbbotAle

    Buffett made a massive mistake with tech when he's best mates with Bill Gates.

    Do you not think Gates would be one of the best to educate Buffett on the BUSINESS of tech? You don't have to understand the finer points of programming Warren like you don't have to be an expert on the internal combustion engine to realise cars where the future of transport...

    Then, once he's got all the info from Gates he could have called up the Google boys, Larry Ellison, and more of the same for 3-4 weekends worth of talks and education. Do you think they would have turned up if Buffett came calling?

    Since the 2008 lows -

    Nasdaq up something like 850%
    S&P +450%
    Buffett/Munger + 330%...
     
  7. ZBZB

    ZBZB


    Gates has been selling Microsoft stock for ever to buy non tech assets. He owned 60% of Microsoft at one time. That would be worth a lot more than what he diversified into. He thinks bitcoin is a short. You would have thought he would have under stood the technology of it. He shorted Tesla while telling everybody that climate change was a problem.
     
    Sprout, Pricechange, johnarb and 3 others like this.
  8. Pekelo

    Pekelo

    The not shooting the messenger kind? :)
     
  9. Pekelo

    Pekelo

    1. How much are you up?
    2. Once you are a BILLIONAIRE, capital preservation is more important than huge growth.

    More importantly:

    3. You still haven't addressed any of his points. Do you care or unable? :)
     
  10. themickey

    themickey

    Here's 5 years, BRK vs SPX (green).
    Still very tidy return for a large company if I may say so.

    download-1.png
     
    #10     May 3, 2021