The transient rise in the price of bitcoin has attracted many former critics of cryptocurrencies. This is definitely not the case when it comes to Berkshire Hathaway CEO Warren Buffett and his right-hand man, Charlie Munger.
Munger said he hated the success of Bitcoin during the annual Berkshire shareholders’ meeting on May 1. He added that all this progress and development is disgusting and contradicts the interests of civilization:
“Of course, I hate the Bitcoin success. I should say modestly that I think the whole damn development is disgusting and contrary to the interests of civilization, and I’ll leave the criticism to others.”
While the Oracle of Omaha avoided asking about bitcoin, he agreed with Munger sharply: “I agree with that.”
In May 2018, Warren Buffett called Bitcoin “rat poison.”
Hate is irrational
These comments inevitably came under fire from the cryptocurrency community. Cryptocurrency economist and analyst Alex Krüger tweeted that hatred of money management was unreasonable:
“Munger’s approach to coping with Bitcoin’s success is hate. Can’t be rational when hate is involved. Money managers that don’t adapt to technological changes have a hard time outperforming.”
Munger tends to speak very seriously about his contempt for the field of cryptocurrency as well as theoretical stocks. According to U. Today, the 97-year-old billionaire compared bitcoin and Tesla to “a lice and a flea” at the company’s annual meeting in February.
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