Bitcoin and other cryptocurrencies have been attacked by Warren Buffett and Charlie Munger.
Buffett said he wouldn’t pay $25 for the world’s entire supply of bitcoinMunger blasted bitcoin as “stupid,” “evil,” and something that makes its owners look bad.
Warren Buffett and Charlie Munger opened fire at bitcoin and the broader cryptocurrency industry during Berkshire Hathaway’s annual shareholder meeting on Saturday.
“If you told me you owned all the bitcoin in the world and you offered it to me for $25, I wouldn’t take it,”
In contrast, Buffett said he would buy a portion of the country’s farmland, or some of the nation’s apartments. He reiterated his view that bitcoin isn’t worth anything because it doesn’t produce anything, and holders rely on somebody else being willing to pay more for it than they did.
“It’s got a magic to it, but people have attached magic to lots of things,” Buffett added, comparing bitcoin to an insurance company pitching itself as a technological marvel.
Munger, Buffett’s longtime business partner, spoke even more harshly about the most valuable cryptocurrency.
“In my life, I try and avoid things that are stupid, evil, and make me look bad in comparison to someone else,” Munger said. “Bitcoin does all three.”
Holding bitcoin is “dumb” because he expects it to be worth zero dollars in the future, “evil” because it undermines the integrity and stability of the US financial system, and “foolish” since China’s governing party was clever enough to outlaw it, according to the billionaire investor.
Bitcoin has previously been criticized by Warren Buffett as “rat poison squared” and a worthless fantasy. Meanwhile, Munger has compared cryptocurrency to a venereal illness, urged for its ban in the United States, and criticized the huge speculation that has fueled its recent price gains.
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