It looks like the Berkshire Hathaway group and its members will not be warming up to Bitcoin anytime soon. In a viral clip from Berkshire Hathaway’s annual meeting, American billionaire investor, businessman, and current chairman of Berkshire Hathaway Charles Thomas Munger was seen expressing his views on Bitcoin as an asset, and unfortunately for the Bitcoin bulls, Munger’s takes were not in favor of the leading asset.
Apparently, Munger’s close circle is aware of his critical views on Bitcoin, as he notes below. Munger is also not afraid to reveal that he is displeased by the success of Bitcoin over the years.
“Those who know me well are just waving the red flag of a bull. Of course, I hate the Bitcoin success.” He said. The sentiment behind this outlook for the billionaire is that Bitcoin is a tool that has become easily accessible to criminals of many kinds. But much more than that, Munger pokes at the credibility of Bitcoin as a financial asset, adding that he is uncomfortable with the idea of investing in an asset that seems much like a trend.
Excerpts of his statement reads:
“…I don’t welcome a currency that is so useful to kidnappers, extortionists and so forth. Nor do I like this shuffling out a few extra billions and billions of dollars to somebody who just invented a new financial product out of thin air.”
He concludes by opening the floor for others to do the job of critiquing and finding the downsides of the asset; something that Warren Buffett seems to agree with. But with the application of fairness, he objectively believes that Bitcoin is a disservice to civilization.
“I think I should say modestly that the whole damn development is disgusting and contrary to the interest of civilization. And I’ll leave the criticism to others.” Munger said.
Warren Buffett was quick to chime in in support, saying “I’m alright on that one.”
It is not news that Warren Buffett, like Bill Gates, has never been a fan of Bitcoin. Although Gates has not granted many interviews where he talks at length about bitcoin, Buffett has reiterated that the asset is a gamble to him that it is anything else, as he warns cryptocurrency investors that the end would not be as pleasing.
Buffett has previously described Munger as his right-hand man and closest partner. Seeing as both parties have similar views on Bitcoin, it could take much longer for the billionaires to welcome the idea of investing or even recommending the asset to other investors, despite Bitcoin’s price performance.