Charlie Munger Has No Bitcoin Love
As the vice chairman of the company, Munger states that bitcoins success over the last several years makes him nauseous, and that the currencys background as a go-to token of illicit behavior should have ultimately given it the boot early in the game. Munger commented in a recent Q&A:
Of course, I hate the bitcoin success. I do not welcome a currency that is 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 invested 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 interest of civilization.
By Mungers side was Buffett, also a part of the Q&A. He simply responded to Mungers answer with:
I am alright on that one.
When pressed about his feelings on bitcoin, Buffett stated during the event that he did not wish to talk too much about it as he did not want to cause grief or garner any guff from anyone who is long on bitcoin. In other words, this is a highly sensitive subject for many people as they are convinced BTC is the future, and he did not want to bring stress or anxiety to anyone in the audience that felt this way.
But Munger clearly had no objections to stating his true feelings about the matter, and to be fair, Buffett – while remaining reserved on the subject at the time of writing – has been quite clear in the past about where he thinks bitcoin stands in the world of finance. Before this event, Buffett has referred to bitcoin as rat poison and has stated it has less use than a button on his shirt. He criticizes it given that it can only be sold granted the person buying it is willing to pay a higher price than you did.
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