Berkshire Hathaway and its stakeholders do not seem to be warming up to Bitcoin anytime in the near future. In a viral video from Berkshire Hathaway’s annual conference, American billionaire investor, businessman, and current chairman Charles Thomas Munger was seen sharing his thoughts on Bitcoin as an asset, and regrettably for Bitcoin bulls, Munger’s opinions were not favorable.
Munger’s close circle seems to be aware of his skepticism of Bitcoin, as he states below. Munger is still not scared to say that he is dissatisfied with Bitcoin’s long-term success.
He stated, “Those who know me well are just waving the red flag of a bull. Of course, I hate the Bitcoin success”. The idea behind this diagnosis for the billionaire is that Bitcoin is now a method that is readily available to a wide range of offenders. However, more importantly, Munger questions Bitcoin’s legitimacy as a financial property, stating that he is uneasy about engaging in anything that seems to be a fad.
The following are extracts from his assertion:
“…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 ends by allowing others to criticize and identify the asset’s flaws, something that Warren Buffett appears to agree with. However, he objectively argues that Bitcoin is a detriment 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 chimed in with a positive response, stating, “I’m alright on that one.”
It is common knowledge that Warren Buffett, like Bill Gates, has never been a Bitcoin supporter. About the fact that Gates has not given several statements in which he discusses bitcoin in detail, Buffett has stated that the currency is something like a risk to him than anything else, warning digital currency investors that the end may not be as satisfying.
Munger has recently been identified as Buffett’s right-hand man and closest associate. Given that both sides have similar opinions on Bitcoin, it might take a long time for billionaires to warm to the notion of participating in or even endorsing the currency to other customers, considering Bitcoin’s recent price gains.