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Billionaire Charlie Munger denounces Bitcoin as “enemy of civilization”

Photo of: Joseph Stone
by Joseph Stone

Billionaire, investor and Warren Buffet’s right-hand man, Charlie Munger makes no secret of it: he hates Bitcoin, while acknowledging its success.

Bitcoin not a billionaire’s business? The facts say otherwise. By 2020, many of the world’s wealthiest people were investing in Bitcoin. This trend continues into 2021. Elon Musk, for example, falls into this category.

But not all billionaires are ready for a reversal. This is the case with Charlie Munger, who is none other than Warren Buffet’s right-hand man at Berkshire Hathaway. But Buffet is an avowed detractor of BTC.

And while several institutional investors, such as large U.S. banks, are developing financial products around Bitcoin, Berkshire Hathaway is holding back. It is likely that this trend will continue.

At Berkshire Hathaway’s annual shareholder conference, Charlie Munger thus expressed all the evil he thinks of the first of the cryptocurrencies. “Of course, I hate the success of Bitcoin,” he denounced.

The more optimistic may see this as recognition of BTC’s success, with the Berkshire Hathaway vice president conceding its success. The compliments end there, however. Munger states that he is not in favor of “a currency that is useful to kidnappers and extortionists, etc. “

“So I think I should modestly say that I think all this damn development is disgusting and contrary to the interests of civilization,” the 97-year-old investor still insists. A position shared by his partner.

“I agree on this point”, supports indeed Warren Buffet. The billionaire, who had described Bitcoin as “rat poison” will not comment further. Why not? Not to offend thousands of BTC holders, perhaps.

“I’m going to dodge that question because we probably have hundreds of thousands of people watching and owning Bitcoins,” the Berkshire Hathaway founder responds. Neither Buffet nor Munger owns Bitcoin.

Buffet did have a BTC in his possession, however. He had received this token as a gift from Justin Sun in February 2020 at a charity dinner. The Tron boss had paid $4.6 million to attend this meal.

Warren Buffet, however, had not taken possession of the Bitcoin offered on this occasion. And so the billionaire continues to stay away from the cryptocurrency market, of which BTC is the figurehead.