POST Online Media Lite Edition


Berkshire Hathaway's Munger: Bitcoin invented from thin air and brings billions to somebody

Christian Fernsby |
Vice Chairman of Berkshire Hathaway Charlie Munger said he hates the bellwether cryptocurrency’s success.

Article continues below


Munger publicly opined that Bitcoin is “disgusting and contrary to the interests of civilization.”

The billionaire investor stated that Bitcoin is a currency that is useful to kidnappers and extortionists. He said that he is not fond of a new financial product that is just made out of thin air and added: "Of course I hate the Bitcoin success, and I don’t welcome a currency that’s so useful to kidnappers and extortionists. Nor do I like just shuffling out a few extra billions and billions of dollars to somebody who just invented a new financial product out of thin air."

Responding to Munger at the annual meeting, Warren Buffett, the CEO of Berkshire Hathaway, said, “I’m alright on that one.” The American investor did not want to comment directly on the cryptocurrency to avoid grief from people who are long.

However, Buffett has already made plenty of remarks on the crypto market, with his infamous comment on Bitcoin, saying it is “rat poison squared.” He expressed that the digital asset market has encouraged a gambling impulse and was displeased at people treating the industry as a casino.

What to read next

Bitcoin fraud recognized: U.S. investors not biting on it
Buffett says not 'inconceivable' for Berkshire to further partner with 3G Capital
People starting to realize Bitcoin is fraud, study shows price manipulation