Berkshire Hathaway Vice President Charlie Munger reinforced his contempt for Bitcoin and other cryptocurrencies, describing the digital currency as “against the interests of civilization” and a useful tool for “kidnappers and extortionists”.
The well-known vice president of the group headed by Warren Buffett took advantage of the annual Berkshire Hathaway shareholder meeting on Saturday, according to CNBC, to return to attack this digital asset, especially after a year of extremely strong appreciation, albeit linked to a large volatility that made the currency nearly 100% higher than what I registered it 12 months ago.
“Of course I hate Bitcoin’s success,” he began by referring to the 97-year-old manager. Munger added: “I do not like currency that is very useful to kidnappers, extortionists, etc., and I do not appreciate anyone attributing a few tens of millions of dollars to someone who invented a financial product out of thin air.”
He concluded by saying, “I must say with humility that all investment appears disgusting and contrary to the interests of civilization.”
However, Warren Buffett declined to comment on the digital assets, saying he did not want to do business with investors with open positions in these securities.
Charlie Munger has been a vocal critic of Bitcoin and cryptocurrencies, due to its volatility and lack of regulation. The currency is currently just under $ 57,000 (47.42,000 euros), having surpassed the $ 60,000 (49.92,000 euros) barrier this year.
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
