Berkshire Hathaway’s Charlie Munger says Bitcoin is “disgusting and contrary to the interests of civilization”.
The inevitable question about Bitcoin (CRYPTO: BTC) was asked during today’s Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) 2021 AGM with Warren Buffett and Charlie Munger. Buffett Dodges: Berkshire Hathaway chairman Buffett said he hated to see politicians dodging questions but that he would do so himself on Bitcoin. “We had a governor in Nebraska a long time ago and he was going to have a tough question, you know. ‘What do you think of property taxes?’ or ‘What should we do with schools?’ and he would look directly at the person and say, “I’m fine!” and he would leave. Well, I’m fine, “Buffett said before handing it to Vice-Chairman Munger. Munger weighs in: “Those who know me well just wave the red flag to the bull,” said Munger. “Of course, I hate the success of Bitcoin. I don’t welcome any currency that is so useful to hijackers and blackmailers. I also don’t like shoveling a few extra billions and billions and billions of dollars on someone who has just invented a new one.” Financial product out of nowhere. I think I should humbly say that I think the whole damned development is disgusting and against the interests of civilization, and I’ll leave the criticism to others. “To which Buffett replied,” I’m fine! ” At the beginning of February, Munger said that trading in cryptocurrencies was “just dementia” and that the price of Bitcoin was far too volatile to be a common medium of exchange. “It’s really some kind of man-made substitute for gold, and since I never buy gold, I never buy bitcoin. I encourage others to follow my practice,” he said. Bitcoin hit a new record high of over $ 63,000 on April 13th. Price action: Bitcoin is up 96.62% since the start of the year. Bitcoin is up a modest 1.76% in the past 24 hours to $ 57,776. For more information from Benzinga, click here for option deals from BenzingaWarren Buffett and Charlie Munger. Talk about Economics, Markets at Berkshire Hathaway Annual Meeting 2021Berkshire Hathaway posts strong operating income of billions in first quarter © 2021 Benzinga.com. Benzinga does not offer investment advice. All rights reserved.