It seems that Warren Buffet is not the only one who hates the Bitcoin crypto currency. His own right hand man at Berkhsire Hathway, Charlie Munger, also apparently expressed his hatred for Bitcoin. Charlie Munger thinks that Bitcoin is disgusting and against the interests of civilization. Munger issued this view as the Bitcoin price continued to creep up.
“Of course I hate the success of bitcoin. I don’t welcome a currency that is so useful for kidnappers and extortionists and so on. I also hate just handing over billions of dollars to someone who has just discovered a new financial product,” he said. CNBC International, Sunday (2/5/2021).
The Movement of Bitcoin Is Too Fluctuating
During the annual shareholders meeting for the Daily Journal last February, Munger also criticized Bitcoin. He said that Bitcoin has extreme volatility and is less regulated. The price of Bitcoin is also very volatile, so it cannot function as a good medium of exchange.
“This is really some kind of artificial gold substitute. And because I never buy gold, I never buy bitcoin,” said Munger.
“Bitcoin reminds me of what Oscar Wilde said about fox hunting. He said it was the inedible chase of the unspeakable,” he continued.
The largest cryptocurrencies in the world are enjoying brilliant rallies this year, hitting $ 60,000 each in April. All cannot be separated from the share of Tesla Inc. to the big Wall Street banks that make bitcoin the mainstream.
Tesla recently accepted digital currency as a payment method for its cars. Meanwhile, Goldman Sachs and Morgan Stanley want to offer bitcoin exposure to their wealthy clients.
Bitcoin last traded over $ 57,000. That value is up from about $ 30,000 in early 2021, according to Coin Metrics.
