Berkshire Hathaway CEO Warren Buffett and vice president Charlie Munger sent a clear message to the market that they are still not cryptocurrency fans despite the meteoric rise in valuations for leading digital assets.
Warren Buffett and Charlie Munger talk about cryptocurrencies
During Berkshire Hathaway’s recent annual shareholder meeting, both bosses avoided the issue of cryptocurrency pricing. They clearly did not want to make any statement that might not appeal to cryptocurrency holders watching the event online.
– We probably have hundreds of thousands of people watching this [wydarzenie]that have Bitcoin (…), and some two with short positions [na BTC]. So we have the choice of making 400,000 people angry and unhappy with us, or making two people happy. And that’s just a stupid equation Buffett said.
So while the Oracle of Omaha kept her opinion on cryptocurrency to herself, Buffett’s longtime business partner Charlie Munger did not refrain from expressing his opinion.
– I don’t like the currency which is so useful for kidnappers, extortionists and so on. Nor do I like to just donate a few extra billion dollars to someone who just came up with a new financial product out of thin air. I think I should say modestly that I think all this goddamn development is gross and contrary to the interests of civilization. And I will leave the criticism to others – He said.
Fierce opponents of BTC
Buffett and Munger have long been critics of cryptocurrency. Buffett believes that cryptocurrencies have zero value and once called Bitcoin “rat poison squared.” In an interview with CNBC last year, he promised never to own any cryptocurrency.
Munger says Bitcoin has no value, noting that it is “Worthless artificial gold”, and trading cryptocurrencies is “Just a kind of dementia.”
Some malicious, however, add that eventually both men will buy BTC and this will be a sign that the boom is over.
It is worth adding that Jamie Dimon, CEO of JP Morgana, was an equally fierce opponent of Bitcoin. Ultimately, his bank boldly enters the cryptocurrency market.