Warren Buffett and Charlie Munger Blast Crypto as “Stupid” and Worthless
- Warren Buffett and Charlie Munger have criticized bitcoin and other cryptocurrencies.
- Buffett said he won’t pay $25 for the entire global bitcoin supply
- Munger called bitcoin “dumb,” “evil,” and something that makes its owners look bad.
Warren Buffett and Charlie Munger opened fire on bitcoin and the broader cryptocurrency industry at Berkshire Hathaway’s annual shareholder meeting on Saturday.
“If you told me you had all the bitcoin in the world and offered it to me for $25, I wouldn’t take it,” Buffett said. “What would I do with it? »
In contrast, Buffett said he would buy some of the country’s farmland or some of the country’s apartments. He reiterated his view that bitcoin is worthless because it produces nothing, and holders rely on someone else who is willing to pay more than them.
“There is magic, but people have attached magic to a lot of things,” Buffett added, comparing bitcoin to an insurance company posing as a technological marvel.
Buffett’s longtime business partner Munger spoke even harsher about the most valuable cryptocurrency.
“In my life, I try to avoid things that are stupid, evil, and make me look bad compared to someone else,” Munger said. “Bitcoin does all three.”
The billionaire investor explained that holding bitcoin is ‘dumb’ because he expects it to be worth zero dollars over time, ‘bad’ because it undermines integrity and stability of the US financial system, and makes the US “idiot” because China’s ruling party was smart enough to ban it.
Buffett has previously called bitcoin a “squared rat’s death” and described it as a worthless illusion. Meanwhile, Munger likened the crypto to a venereal disease, called on the US to ban it, and lamented the massive speculation underlying its price gains in recent years.