Some famous investors firmly believe that cryptocurrency is the future of money, while other billionaires wish Bitcoin was never invented.
Charlie Munger is the vice-chairman of holding company Berkshire Hathaway and a business partner of one of the world’s wealthiest personas, Warren Buffett. Munger has never been fond of cryptocurrencies, and at the Daily Journal’s annual meeting, he criticized the US government for not acting against crypto. He then praised China’s prompt move to ban cryptocurrencies.
“Why should a civilized government want an ideal untraceable technology to come into the payment system run by a bunch of people who want to get rich quick for doing very little for civilization,”
the 98-year-old billionaire said.
Munger never invested in cryptocurrencies and compared crypto to a venereal disease that he’s been avoiding.
At the annual Berkshire Hathaway shareholders meeting on May 2021, Munger also strongly criticized cryptocurrency:
“Of course, I hate the Bitcoin success, and I don’t welcome a currency that is so useful to kidnappers, and extortionists, and so forth. Nor do I like just shuffling out a few extra of billions and billions and billions of dollars for somebody who just invented a new financial product out of thin air. I should say modestly that I think the whole development is disgusting and contrary to the interests of civilization.”
On the Flipside
- Berkshire Hathaway has recently bought $1 billion worth of stock in a crypto-friendly bank.