Bitcoin is disgusting
Last Friday, Warren Buffett and Charlie Munger held traditional Berkshire Hathaway´s annual meeting for shareholders. At the Q&A session, they were asked about Bitcoin and cryptocurrencies, which was not a surprise. Their reaction, however, might have been a bit surprising. Especially Charlie Munger seemed to want to share his very strong opinions about this topic.
“Of course I hate the Bitcoin success. I should say modestly that I think the whole damn development is disgusting and contrary to the interest of civilization and I´ll leave the criticism to others.”
These words were strong enough to show, how critically and negatively they think about the cryptocurrencies, especially Bitcoin. While Buffett remained mainly silent about this topic or only agreed with these statements, Charlie Munger went as far as to say that he would never buy bitcoin as it supports kidnappers and extortionists. Moreover, he clearly stated that he is against supporting a currency or a financial product that is invented by someone out of thin air and is able to produce gains in billions of dollars.
Hate towards cryptocurrencies
These opinions are not new at all. Bitcoin was called by these two legendary investors a “rat poison” or “gamble and speculation used by criminals” in the past. However, these new statements from Charlie Munger contained something that was not seen before. That was a real (and not very positive) emotion.
Hate is definitely not the best emotion when accessing investments or financial instruments, due to its ability to blind the analyst or make him subjective or less focused. However, since everyone knows that Munger and Buffett are not interested in cryptocurrencies or even in getting educated in this world, hate is not so surprising. It is known that Buffett and Munger never actually wanted to get educated about this field. It was supported again by the claims of Munger, who said on Friday that he will never buy or hold any Bitcoin.