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Charlie Munger calls bitcoin “disgusting and contrary to the interests of civilization”

Berkshire Hathaway vice president Charlie Munger’s detachment from bitcoin has only intensified amid the record for digital assets this year.

“Of course I hate the success of bitcoin,” said Munger, 97, during a question and answer session at Berkshire’s annual shareholder meeting on Saturday. “I don’t like a currency that is so useful for kidnappers and extortionists and so on, nor do I like to just throw away your extra billions of billions of dollars for someone who just invented a new financial product out of the blue.”

“I think I should say modestly that all damn development is disgusting and contrary to the interests of civilization,” said Munger, a legendary investor in his own right.

Warren Buffett, who avoided the initial question about bitcoin before, responded to Munger’s answer: “It’s okay with you.”

The “Oracle of Omaha” said it did not want to comment directly on the digital token because it did not want to suffer the pain of everyone who is long.

The world’s largest cryptocurrency has had a head-turning rally this year, reaching $ 60,000 each in April, when Tesla’s involvement with major Wall Street banks made bitcoin popular. Tesla recently placed a $ 1.5 billion bet on bitcoin and now accepts digital currency as a payment method for its cars. Meanwhile, Goldman Sachs and Morgan Stanley are trying to offer their wealthy customers some exposure to bitcoin.

Bitcoin was last traded above $ 57,000, compared to about $ 30,000 in early 2021, according to Coin Metrics.

Munger has long criticized bitcoin for its extreme volatility and lack of regulation. At the Daily Journal’s annual shareholders’ meeting in February, Munger said bitcoin is too volatile to serve well as a medium of exchange.

“It is really a kind of artificial substitute for gold. And since I never buy gold, I never buy bitcoin, ”said Munger. “Bitcoin reminds me of what Oscar Wilde said about fox hunting. He said it was the search for the intractable for the unspeakable, ”he added.

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