American business man and investor Charlie Munger has made it clear in a Berkshire Hathaway annual shareholder meeting that he believes cryptocurrencies have little value to offer.
The 97-year-old billionaire, who is Warren Buffett's right-hand man, said Bitcoin's success was “disgusting”.
“I hate the Bitcoin success, and I don’t welcome a currency that’s useful to kidnappers and extortionists, and so forth”, Munger said.
He spoke about the lack of foundation behind Bitcoin and said he disliked the fact that someone could just invent a new financial product out of thin air and create billions out of it.
“I think I should say modestly that I think the whole damn development is disgusting and contrary to the interests of civilization”, he added.
Understandably, his comments were not taken kindly by the crypto community who argued in turn that Munger was involved in money-laundering to his promotion of Coca-Cola as something healthy.
Buffett, who himself has been an outspoken critic of Bitcoin, simply said that he would much rather dodge the question, explaining that out of the 400,000 people watching, many of whom owned Bitcoin, himself and Munger were probably the only ones with strong feelings against Bitcoin.
With this in mind, making 400,000 people mad and two people happy – referring to himself and Munger – was a “dumb equation.”
Even though TRON founder Justin Sun donated $4.57m to a Buffet-supported charity, Buffett himself has remained skeptical of cryptocurrencies and while he would not seek to antagonize people with his personal opinions he is so far not investing in crypto.
Buoyancy about cryptocurrencies seems uncrushable in the present economic context, despite some of the biggest names in investment holding out them
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