Berkshire Hathaway’s bitcoin bashing barrage doesn’t show any signs of letting up.
Just one day after Berkshire Hathaway chairman and CEO Warren Buffett trashed bitcoin at the legendary firm’s annual shareholders meeting in Omaha, Nebraska, vice chairman Charlie Munger unleashed a memorable rant of his own.
Munger’s comments on cryptocurrency started out amicably enough, but they quickly escalated into a series of potshots — which is not altogether surprising given his history on the subject.
“The computer science behind bitcoin is a great triumph of the human mind,” Munger told Yahoo Finance. “They created a product that’s hard to create more of but not impossible. [But] I see an artificial speculative medium,” he said. It’s “anti-social, stupid and immoral.”
The 94-year-old Munger then proceeded to compare cryptocurrency trading to dealing in “freshly harvested baby brains,” arguing that both would be immoral even if profitable.
“Suppose you could make a lot of money trading freshly harvested baby brains. Would you do it?” he asked. “To me bitcoin is almost as bad.”
Munger then took aim at bitcoin proponents, alleging that it is disgraceful to promote cryptoassets and chastising them that it is “beneath you.”
“I regard the whole thing as a combination of dementia and immorality. I think the people pushing it are a disgrace,” he concluded. “There ought to be some things that are beneath you, that you just don’t do, and this is one.”
The Berkshire vice chairman’s comments were perhaps even more inflammatory from those issued by his boss and longtime friend just a day prior.
As CCN.com reported, Buffett — a consistent bitcoin bear — told shareholders that the cryptocurrency is “rat poison squared” and that the asset class will “come to bad endings.”
Munger, reports say, chimed in to remark that he likes cryptocurrency “even less than Warren does.”
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Last modified: May 20, 2020 8:49 PM UTC