According to Charlie Munger, Bitcoin is a ‘disgusting’ commodity that appears ‘out of thin air.’

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“I hate the Bitcoin success, and I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth,” the billionaire said.

When it came to blockchain, Charlie Munger, billionaire businessman and vice chair of Warren Buffett’s Berkshire Hathaway conglomerate, did not mince language.

Munger and fellow billionaire Warren Buffett took questions from investors at the Berkshire Hathaway Annual Shareholders Meeting, which was streamed online on Saturday. Although Buffett said that he would purposefully avoid answering a query about whether cryptocurrencies were “worthless artificial gold,” Munger was more blunt, claiming that the questioner was just “waving the red flag at the bull” by approaching him.

“Of course I hate the Bitcoin success, and I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth,” said Munger. “Nor do I like just shuffling out a few extra billions and billions and billions of dollars to somebody who just invented a new financial product out of thin air.”

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He added:

“The whole development is disgusting and contrary to the interest of civilization.”

Buffett noted that there might be “hundreds of thousands of people watching that own Bitcoin,” but only two are shorting the currency, which explains his reluctance to be bearish on crypto. However, the billionaire businessman has previously said that “cryptocurrencies have no value” and that he will never buy any.

Munger, a 97-year-old billionaire, is also a vocal opponent of Bitcoin (BTC), saying in February that the cryptocurrency is “too volatile to serve well as a medium of exchange.” During a Daily Journal annual meeting with analysts in 2018, the billionaire businessman referred to cryptocurrencies as “totally asinine.”

 

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