Bitcoin is a ‘disgusting’ product that comes ‘out of skinny air,’ says Charlie Munger

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Charlie Munger, billionaire investor and vice chair of Warren Buffett’s Berkshire Hathaway conglomerate, didn’t mince phrases when it got here to describing his emotions on crypto.

Within the Berkshire Hathaway Annual Shareholders Assembly streamed reside on Saturday, Munger addressed questions from buyers alongside his fellow billionaire. Whereas Buffett mentioned he would deliberately dodge a query on whether or not cryptocurrencies have been “nugatory synthetic gold,” Munger’s response was extra direct, positing that the questioner was simply “waving the pink flag on the bull” in addressing him.

“In fact I hate the Bitcoin success, and I don’t welcome a forex that’s so helpful to kidnappers and extortionists and so forth,” mentioned Munger. “Nor do I like simply shuffling out a couple of further billions and billions and billions of {dollars} to any person who simply invented a brand new monetary product out of skinny air.”

He added:

“The entire improvement is disgusting and opposite to the curiosity of civilization.”

Buffett acknowledged there is likely to be “a whole bunch of 1000’s of individuals watching that personal Bitcoin,” and solely two shorting the coin, resulting in his reticence in saying something bearish on crypto. Nonetheless, the billionaire investor has previously said “cryptocurrencies principally don’t have any worth” and he won’t ever personal any himself.

Munger, a 97-year-old price greater than $2 billion, can also be a recognized Bitcoin (BTC) critic, claiming in February that the crypto asset is “too risky to serve properly as a medium of change.” The billionaire investor called cryptocurrencies “completely asinine” throughout a Each day Journal annual assembly with shareholders in 2018.