The billionaire investor and businessman Charlie Munger held a Q&A session at the annual shareholder meeting where he talked about different topics presented by the audience. Due to the current Bitcoin (BTC) and crypto craziness, it was highly possible for him to receive a question about the largest cryptocurrency. This of course happened.
Charlie Munger Disgusted About Bitcoin
During the conversation he had with the audience, he mentioned that he completely “hated” Bitcoin success. Moreover, he referred to it as a thing that goes against the main interests of civilization.
On the matter, Mr. Munger stated:
“Of course, I hate the Bitcoin success. I should say modestly that I think the whole damn development is disgusting and contrary to the interests of civilization, and I’ll leave the criticism to others.”
This is not the first time that we hear him giving negative comments about Bitcoin. In the past, he shared his views about how Bitcoin the virtual currency would now be able to work as a medium of exchange for the world.
The main characteristic he shared about Bitcoin is related to volatility. Due to this reason, he considers it could be a very volatile medium of exchange, which would not be possible for it to properly work. Furthermore, he commented that this works as an artificial substitute for gold.
“[Bitcoin] is really kind of an artificial substitute for gold and since I never buy any gold, I never buy any Bitcoin and I recommend other people follow my practice,” said Munger when asked about Bitcoin.
In a similar way, as Munger did, Warren Buffett shared his negative views on Bitcoin and how the virtual currency is “rat poison squared.” The CEO of Berkshire Hathaway shares the views of Munger about Bitcoin and cryptocurrencies.
Traditional banking institutions have been against Bitcoin over the last years. The traditional banking sector has usually negated services to crypto-related firms and companies. For example, exchanges all over the world that wanted to offer services to clients couldn’t do it through local banking solutions.
Due to this reason, a large number of platforms couldn’t offer fiat on-ramp solutions to clients. This has, of course, harmed the crypto industry considering that crypto companies had to find legal solutions on how to add fiat on-ramps. Nowadays, the market has massively expanded and decentralized finance (DeFi) solutions are changing the way in which the financial world works.