Bermuda Post

Thursday, Mar 28, 2024

Berkshire Hathaway's Munger Blasts Bitcoin as 'Contrary to Interests of Civilization'

Berkshire Hathaway's Munger Blasts Bitcoin as 'Contrary to Interests of Civilization'

This year, the world's largest cryptocurrency experienced a meteoric rise, topping higher than $62,000 per coin in April, as companies ranging from Tesla to big Wall Street banks helped to introduce bitcoin to the mainstream, so now the famous crypto has a market capitalization of $1 trillion.

With bitcoin's record-breaking run over the last few months, Berkshire Hathaway Vice Chairman and worldwide known investor Charlie Munger's discontent for the digital asset has only grown, he said on Saturday at Berkshire’s annual shareholder meeting.

"Of course I hate the bitcoin success," the 97-year-old Munger said."I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth, nor do I like just shuffling out of your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air."

He continued by saying that he thinks "that the whole damn development is disgusting and contrary to the interests of civilization," to put it "modestly."

Berkshire's CEO Warren Buffett, who had previously ignored the question about bitcoin, said in response to Munger's comment, "I'm alright on that one." The "Oracle of Omaha" said he didn't want to comment on the digital token specifically because he did not want to annoy anyone who is long.

Some businesses and government officials are turning to bitcoin as a reserve investment. Tesla recently placed a $1.5 billion bet on bitcoin and now recognizes it as a form of payment for its vehicles. Meanwhile, Goldman Sachs and Morgan Stanley are looking to provide bitcoin exposure to their high-net-worth clients.

The latest comments are not the first time Munger has slammed the much-hyped cryptocurrency, as he has long chastised bitcoin for its high volatility and lack of regulatory oversight. At the Daily Journal's annual shareholders meeting in February, Munger said that bitcoin is too risky to be used as a medium of exchange.

"It’s really kind of an artificial substitute for gold. And since I never buy any gold, I never buy any bitcoin," Munger said. "Bitcoin reminds me of what Oscar Wilde said about fox hunting. He said it was the pursuit of the uneatable by the unspeakable."

According to Coin Metrics, bitcoin last traded above $57,000, up from about $30,000 at the start of 2021.

The world's most famous cryptocurrency operating on a blockchain has the benefit of avoiding the drawbacks of centralized currencies, such as inflation and financial crises, enthusiasts claim. The bitcoin digital currency has a 21 million-unit supply cap. Nearly 18.6 million blocks have already been mined, and experts predict that mining will continue for another 120 years as new blocks become more difficult to produce.

Newsletter

Related Articles

Bermuda Post
0:00
0:00
Close
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
'I just lost it' Lowe’s worker fired after 13 years of employment for confronting thieves trying to steal $2K of merchandise
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Italian Court's Controversial Ruling on Sexual Harassment Ignites Uproar
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
×