While the whole world is gradually adopting Bitcoin and other crypto, the Berkshire boys still hates them. Chairman and CEO Warren Buffett and Vice Chairman Charlie Munger blasted at Bitcoin and the wider cryptocurrency market during the annual meeting of Berkshire Hathaway on Saturday.
Buffett & Munger presided over the annual meeting, nicknamed the “Woodstock for Capitalists.” The event offers shareholders as well as global investor community a chance to hear the legendary pair discuss investing, their economic outlook and life.
Warren Buffett said he wouldn’t buy all the bitcoins in the world even if you offer for twenty five bucks, as he thinks them worthless.
“If you told me you owned all the bitcoin in the world and you offered it to me for $25, I wouldn’t take it,” Buffett said. “What would I do with it?”
Buffett, on the other hand, has stated that he would acquire farmland or some of the country’s apartments. He restated his belief that bitcoin is worthless since it produces nothing, and that holders rely on someone else willing to pay more for it than they did.
“It’s got a magic to it, but people have attached magic to lots of things,” Buffett added, comparing bitcoin to an insurance company pitching itself as a technological marvel.
Charlie Munger blasts the crypto as ‘stupid’ and ‘evil’.
“In my life, I try and avoid things that are stupid, evil, and make me look bad in comparison to someone else,” Munger said. “Bitcoin does all three.”
According to Munger, holding bitcoin is “stupid” because he expects it to be worth zero dollars in the future, “evil” because it undermines the integrity and stability of the US financial system, and believes U.S. is “foolish” since China was clever enough to outlaw it.
Bitcoin has previously been criticized by Warren Buffett as “rat poison squared” and a worthless fantasy. Meanwhile, Munger has compared cryptocurrency to a venereal illness, urged for its ban in the United States, and criticized the huge speculation that has fueled its recent price gains.
Buffett & Munger seems overly rigid at this point in the game, and actually by admission to a degree, because warren kept joking that you know a quarter of the people out there are going to take offense and hate them for these comments. So, there is some degree of recognition that they’re out of tune with this part of the markets.
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