The famed billionaire investor and Berkshire Hathaway’s Vice Chairman, Charlie Munger, has launched a new verbal attack against Bitcoin holders. Munger’s most recent comments are akin to those previously made by Berkshire Hathaway’s CEO and Chairman, Warren Buffett.
Bitcoin investors ”celebrate Judas Iscariot”
Specifically, the financial market-oriented news outlet Market Insider reports that these remarks came following a recent cryptocurrency even which Munger had been invited to. Whilst Munger ignored the invitation, he jokingly claimed to have discovered what Bitcoin investors do during such gatherings.
Munger then went on to suggest that Bitcoin investors supposedly convene to ”celebrate the life and work of Judas Iscariot.” Although this statement is preposterous on its own, it is not the first time that Munger has spoken out against cryptocurrencies.
Back in May of 2018, Munger made a similarly ridiculous comment regarding cryptocurrencies at Berkshire Hathaway’s annual meeting. In fact, Munger referred to cryptocurrency trading as ”dementia”, and went on to call those trading it ”disgusting”:
”And I think the people who are professional traders that go into trading cryptocurrencies, it’s just disgusting. It’s like somebody else is trading turds and you decide, ‘I can’t be left out.’”
Interestingly, Munger’s latest comments came as his Berkshire superior, Warren Buffett, recently went on a similar tirade against Bitcoin. Moreover, it is no secret that Buffett is extremely skeptical of cryptocurrencies.
”Unfair to not understand something and disparage it”
The well-known investor has previously referred to Bitcoin as probably being ”rat poison squared” and has claimed that cryptocurrency investing will ”definitely come to a bad ending”. However, Buffett has now made some fresh comments questioning the real use value of Bitcoin, arguing it ”just sits there”.
”It’s like a seashell or something, and that is not an investment to me.”
Nevertheless, Buffett and Munger’s staunch opposition to cryptocurrencies has certainly been noted by the cryptocurrency community and other investors. Moreover, it has also been questioned by those who normally support the Berkshire Hathaway CEO’s investments.
Chamath Palihapitiya, who describes himself as a ”disciple” of both Buffet and Munger, has previously noted that the two veterans are nonetheless in the wrong regarding Bitcoin.
Palihapitiya also commented on Munger’s most recent remarks, suggesting that ”I think it’s really unfair to not understand something, and then to disparage it.”
Anecdotally, Buffett has previously admitted that he does not understand 5G telecommunication technology either, but has still instructed his staff to study the technology. As such, one can wonder why the Berkshire Hathaway executives are so reluctant to remain open to cryptocurrencies.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.