Warren Buffett Still No Bitcoin Fan In 2021
Last time someone mentioned Bitcoin at the Berkshire Hathaway annual meeting and asked about it, legendary investor Warren Buffett, the CEO, and Charlie Munger, the head of the Board of Directors, called the best known crypto rat-poison and a turd respectively. That was back in 2018 when Bitcoin traded around $9,000.
Now its 2021, Bitcoin is one of the hottest traded assets in the US with a price around $55,000 and Berkshire Hathaway had another annual conference.
400,000 people mad
Buffett, who’s now 90 years old, and Munger, now 97, answered questions as always from the audience and of course were well prepared that Bitcoin would come up.
When it did, Buffett answered:
I knew there’d be a question on bitcoin, and I thought to myself, ‘Well, I’ve watched these politicians dodge questions all the time, you know, I find it kind of disgusting, but they do it.’ But the truth is I’m gonna dodge that question because we probably got hundreds of thousands of people watching that own bitcoin, and we probably have two people that are short. So we got a choice of making 400,000 people mad at us and unhappy, and, or making two people happy, and that’s just a dumb equation.
“Of course I hate the Bitcoin success,” Charlie Munger says. “I should say modestly that I think whole damn development is disgusting and contrary to the interests of civilization, and I’ll leave the criticism to others.”— Yahoo Finance (@YahooFinance) May 1, 2021
“I’m okay on that one,” Warren Buffett adds. #YFBuffett pic.twitter.com/vfmEBCt4M4
The Oracle of Omaha then asked his business partner Munger to add to it, who responded:
Of course, I hate the bitcoin success and I don’t welcome a currency that’s useful to kidnappers and extortionists, and so forth. Nor do I like just shuffling out of extra billions and billions and billions of dollars to somebody who just invented a new financial product out of thin air. So, I think 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.
Crypto. It clearly is still not for the older generations.
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