Well, it would seem as if the #1 cryptocurrency has been in the news again. This time, it seems as if Warren Buffett, a prominent cryptocurrency critic, has taken a swing at Bitcoin’s main rival, Ethereum, during Friday morning’s Berkshire Hathaway’s annual shareholder meeting. As some of you may know, Warren Buffett is a very influential investor and billionaire, and his opinion is seen to carry a lot of weight. In the past, Buffett has slammed Bitcoin, calling it a “mirage” and a “turd”. Now, those comments are being echoed by his right-hand man, Charlie Munger.
Warren Buffett’s right-hand man, Charlie Munger, has never hidden his disdain for Bitcoin. He’s called the cryptocurrency, “totally asinine” and “a delusion.” But Munger’s latest Bitcoin-bashing rant, which came during a question-and-answer session after his speech at the University of Michigan’s Ross School of Business, shows a new level of contempt. “I think Bitcoin is disgusting,” Munger said. “It’s like somebody else is trading turds and you decide you can’t be left out.”
Charlie Munger, vice-chairman of US holding company Berkshire Hathaway, yesterday lashed out against bitcoin at the company’s annual shareholder meeting, calling it a disgusting financial product that has fallen from the sky.
Of course I hate the success of bitcoin, he said in the question and answer session, adding: I don’t like that a currency is so convenient for kidnappers, extortionists, etc. and I don’t like that you are giving your extra billions of dollars to someone who just invented a new financial product from scratch.
Charlie Munger on Bitcoin today:
I must humbly say that I find this bloody development disgusting and contrary to the interests of civilization.
He owns banks that launder billions every year and criminal charges have been filed against him.
Leave me alone.
– Pomp (@APompliano) 1. May 2021
Disgusting and against the interests of civilization
According to a CNBC report Sunday, Berkshire Hathaway CEO Warren Buffett, who was also present at the meeting, declined to comment directly on bitcoin. After listening to Mr. Munger’s response, however, Mr. Buffett noted that he himself was fine.
According to Buffett, he did not want to comment directly on bitcoin to avoid criticism from cryptocurrency enthusiasts. Munger, on the other hand, was not so subtle.
I guess I should humbly say that the whole damn thing is disgusting and contrary to the interests of civilization, he said.
At The Daily Journal’s annual shareholder meeting in February, Munger also argued that bitcoin is actually an artificial substitute for gold.
And since I never buy gold, I never buy bitcoin. Bitcoin reminds me of Oscar Wilde’s words about fox hunting. It was a pursuit of the inedible with the ineffable, he said then.
Bitcoin may contradict Charlie Mungers idea of civilization.
But for many people who are less privileged than he is, a neutral, open, permissionless, uncensored and non-confiscated financial system outside corporate and government control is *much* more civilized than the status quo. https://t.co/gFGsEY2ntN
– Alex Gladstein (@gladstein) May 1, 2021
As previously reported, Peter Schiff, CEO of Euro Pacific Capital and another major critic of bitcoin, also recently spoke out against bitcoin in an interview with the financial analysis firm RealVision.
I don’t think those bitcoin collections are worth anything anymore when the music stops. You can’t do anything with Bitcoin. Once your bitcoin is no longer useful to anyone, it loses its value completely, Schiff explains, adding: Bitcoin is not a currency, it is not used as a medium of exchange or unit of account. It is only used for speculation.
But to be fair, Schiff also believed that both the US dollar and the US economy are destined to collapse in the future – the big question is which of the two will collapse first.
The bitcoin bubble may burst sooner than the dollar bubble. According to Schiff, a cryptocurrency crisis could happen sooner than a dollar crisis.
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