Berkshire Hathaway Vice Chairman Charlie Munger, Warren Buffettâ€™s right-hand man, says he hates bitcoinâ€™s success. â€œI donâ€™t welcome a currency thatâ€™s so useful to kidnappers and extortionists and so forth,â€ Munger said. Buffett, on the other hand, dodged the question about bitcoin because he did not want to upset the sheer number of investors who are long on the cryptocurrency.
Charlie Munger Hates Bitcoinâ€™s Success
At Berkshire Hathawayâ€™s annual shareholder meeting Saturday, Vice Chairman Charlie Munger commented about bitcoin. The 97-year-old said during a Q&A session:
Munger, who is often known as Warren Buffettâ€™s right-hand man, added that he also does not like â€œshuffling out of a few extra billions and billions and billions of dollars to somebody who just invented a new financial product out of thin air.â€
The billionaire vice chairman of Berkshire continued:
After Munger finished expressing his view about bitcoin, Berkshire CEO Warren Buffett quickly added: â€œIâ€™m alright on that one.â€
The â€œOracle of Omahaâ€ avoided answering a bitcoin question earlier, emphasizing that he did not want to comment on the cryptocurrency directly.
â€œWeâ€™ve probably got hundreds of thousands of people watching this that own bitcoin, and weâ€™ve probably got two people who are short,â€ Buffett said, elaborating:
Munger has long been a bitcoin critic. â€œItâ€™s really kind of an artificial substitute for gold. And since I never buy any gold, I never buy any bitcoin, and I recommend other people follow my practice,â€ he said in February. â€œBitcoin reminds me of what Oscar Wilde said about fox hunting. He said itâ€™s the pursuit of the uneatable by the unspeakable.â€ The Berkshire vice chairman previously called bitcoin â€œrat poisonâ€ and likened its trading to â€œtrading turds.â€ Buffett then called the cryptocurrency â€œrat poison squared.â€
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