Charlie Munger says Bitcoin is a disgusting product from out of thin air

Charlie Munger says Bitcoin is a disgusting product from out of thin air

Describing his feelings about Bitcoin in a derogatory manner, billionaire investor and vice chair of Warren Buffett’s Berkshire Hathaway conglomerate,  Charlie Munger was not economical with words.

Munger addressing questions from investors alongside his fellow billionaire, in the Berkshire Hathaway Annual Shareholders Meeting streamed live on Saturday, a question on whether cryptocurrencies were artificial worthless gold, which he said he will intentionally doge, but his response was quite direct and which  he opined that such queation from the questioner was sort of waving the red flag at the bull in asking that.

In the words of Munger:

“Of course I hate the Bitcoin success, and I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth,” said Munger. “Nor do I like just shuffling out a few extra billions and billions and billions of dollars to somebody who just invented a new financial product out of thin air.”

He added:

“The whole development is disgusting and contrary to the interest of civilization.”

Buffett acknowledged there might be “hundreds of thousands of people watching that own Bitcoin,” and only two shorting the coin, leading to his reticence in saying anything bearish on crypto. However, the billionaire investor has previously said “cryptocurrencies basically have no value” and he will never own any himself.

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