- Warren Buffett and Charlie Munger criticized bitcoin and other cryptocurrencies.
- Buffett Said He Wouldn’t Pay $25 For The Entire Supply Of Bitcoin Around The World
- Munger described bitcoin as “stupid,” “evil,” and something that makes its owners feel bad.
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Warren Buffett and Charlie Munger set bitcoin and the broader cryptocurrency industry on fire during Berkshire Hathaway’s annual shareholder meeting on Saturday.
“If you told me you had all the bitcoins in the world and you offered me it for $25, I wouldn’t take it,” Buffett said. “What shall I do with it?”
Conversely, Buffett said he would buy a portion of the country farm, or some apartment in the country. He reiterated his view that bitcoin is not worth anything because it produces nothing, and holders trust someone else they are willing to pay more for.
“There’s a magic to it, but people have added magic to a lot of things,” Buffett said, 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.
Munger said, “In my life, I try and avoid things that are stupid, bad, and I feel worse than anyone else.” “Bitcoin does all three.”
The billionaire investor explained that holding bitcoin is “stupid” because he expects it to be worth zero dollars in time, “evil” because it undermines the integrity and stability of the US financial system, and makes the US “stupid”. Because the ruling party of China was smart enough to ban it.
Buffett had previously dismissed bitcoin as a “rat poison class” and described it as a useless illusion. Meanwhile, Munger has compared crypto to a sexual dysfunction, called on the US to ban it, and lamented the widespread speculation in recent years because of its price gains.
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