Charlie Munger calls Bitcoin “disgusting and contrary to the interests of civilization”

Berkshire Hathaway Deputy Chairman Charlie Muger’s retention towards bitcoins has only intensified amid record digital asset results this year.

“Of course I hate success in bitcoins,” Munger, 97, said during a meeting with questions at Berkshire’s annual shareholders ’meeting on Saturday. “I don’t welcome the currency that is so useful to kidnappers and extortionists and the like, nor do I like to just extract your extra billions of dollars from someone who just invented a new financial product.”

“I think I should modestly say that the whole damn development is disgusting and contrary to the interests of civilization,” said Munger, the legendary own investor.

Warren Buffett, who had previously avoided the initial question about bitcoins, responded to Manger’s response: “I’m fine with that.”

Oracle of Omaha said it did not want to comment directly on the digital token because it did not want to get sad from everyone who has been around for a long time.

The world’s largest cryptocurrency enjoyed a set of events this year, reaching $ 60,000 apiece in April as Tesla’s involvement in large banks on Wall Street made bitcoin the mainstream. Tesla recently bet $ 1.5 billion on bitcoin and now accepts digital currency as a method of payment for their cars. In the meantime, Goldman Sachs i Morgan Stanley they are they want to offer their wealthy clients little bitcoin exposure.

Bitcoin it was last traded above $ 57,000, up from about $ 30,000 in early 2021, according to Coin Metrics.

Munger has long criticized bitcoin for its extreme instability and lack of regulation. On annual leave shareholders’ meeting for the Daily Journal in February, Munger said bitcoin is too volatile to serve as a medium of exchange.

“It’s really a kind of artificial substitute for gold. And since I never buy gold, I never buy bitcoin either,” Munger said at the time. “Bitcoin reminds me of what Oscar Wilde said about fox hunting. He said it was a quest for the inedible from the unspeakable,” he added.