Charlie Munger, who has been long associated with Berkshire Hathaway as its Vice Chairman, says he does not like Bitcoin at all. Munger is known globally for being the right-hand man for Warren Buffett. His comments towards Bitcoin were so downgrading that the entire crypto community condemned his remarks. While Buffett managed to avoid answering the same question as he was of the view that his partner had already said it all.
Saturday, 1st May 2021 may be a holiday globally but for Berkshire Hathaway, it was the day of the shareholders’ annual meeting.
Warren Buffett who is the Chairman of Berkshire Hathaway has been long dependent upon Charlie Munger, the Vice Chairman of the company. At the annual shareholders’ meeting, both were asked several questions about the company and its future in a question and answer session. Munger, who is now 3 years short of turning 100 years old, was asked to give his though on Bitcoin and crypto.
However, not only the person who questioned Munger about Bitcoin was in shock but also so was the entire crypto community, particularly Bitcoiners. Without even wasting any time, Munger took Bitcoin briskly, mulled it, and criticized it in the worst possible way he could. The first comment that came out of his mouth was that he literally hated to see Bitcoin making success and progress each day. Secondly, he said that according to his opinion Bitcoin serves a better purpose when it is paid to extortionists, scammers, fraudsters, and kidnappers.
Munger further went on to state that he had been a professional for more than 80 years now and in his lifetime he has seen evolution very closely. However, the idea of crypto failed to appeal to him at all, suggested Munger. He continued sharing his worst remarks regarding Bitcoin and said that the whole concept of crypto is disgusting to him. He advised that crypto, particularly Bitcoin, is acting contrary to the interests of humanity.
Before the interviewer could turn towards Buffett, he instantly remarked that he is quite okay with Bitcoin or any other digital currency. It was not the first time that Buffett had avoided taking any questions regarding Bitcoin. He said that my old colleague has already said a lot regarding Bitcoin and he has no comments to make.
Buffett further suggested that there are millions of people around the world who are involved with Bitcoin. He said that he does not want to either upset them or offend them in any way.
He summarized his views by stating that there could be half a million people who could be offended by our remarks. However, personally, he wants to make people happy if it takes only two people to make them happy.
But certainly, in comparison with Buffett, Munger is a well-known financial expert who is not into Bitcoin at all.