Charlie Munger, a well-known American investor and vice president of Berkshire Hathaway, says the success of Bitcoin is “disgusting.”
to the the report Charlie Munger, CoinDesk, made it clear at Saturday’s annual and international multi-business conference that he was by no means a fan of Bitcoin and was not happy with its success.
Of course, Munger was never interested in bitcoin. He said in a Q&A session earlier this year that bitcoin was “highly volatile” and that it could not become a universal means of payment.
But as it turns out, his apathy has now turned into hatred.
He stated in this meeting:
It turns out that I hate the success of Bitcoin. I will never be a fan of digital currency, which is useful for kidnappers, extortionists and the like. I also have no interest in investing millions of dollars in a network whose source is unknown. I think I must honestly say that this development (bitcoin) is disgusting and against the interests of the civilized world.
It should be noted that Munger’s intention in advancing Bitcoin is to increase its price by more than 90% since the beginning of this year.
Berkshire Hathaway’s stock value surpassed the S&P 500 this year. Berkshire Hathaway shares rose 18.6 percent in 2021; While this value was 11.3% for the Index 50000 index. However, the company’s progress is not comparable to that of Bitcoin this year.
Of course, if we look at the performance of Berkshire Hathaway and Bitcoin over the past 52 weeks, we can better understand why Manger hates it. Over the past 52 weeks, Berkshire Hathaway shares have risen 50.5 percent; But this amount has been more than 500% for Bitcoin.
Bitcoin is accepted on Wall Street as a respectable and investable asset and this acceptance is increasing day by day. This seems to have upset Munger. With that said, one should be glad no one asked Manger about Dogecoin. The astronomical rise in the price of the Dogecoin may have the potential to endanger the health of the 97-year-old. It started as a joke in 2013 and has grown by more than 7,900 percent so far.
Meanwhile, Warren Buffet, chairman of Manger and CEO of Berkshire Hathaway, declined to comment on bitcoin. Warren Buffett, who had previously described bitcoin as “more valuable than rat poison” and a “gambling tool”, this time said he was reluctant to comment on bitcoin.
Asked about bitcoin, he said:
Hundreds of thousands of viewers of this program are probably Bitcoin holders, and among them, there are two people who do not have Bitcoin. So it does not make sense to upset or anger 400,000 people at the cost of the happiness and satisfaction of two people.