The annual general meeting of the US holding company Berkshire Hathaway Inc. is the main event of the year for many shareholders. A financially strong conglomerate of billionaire and investor Warren Buffet held the annual general meeting digitally due to the Coronavirus. In contrast to last year, Buffet’s friend and Berkshire Hathaway Vice Chairman Charlie Munger joined the stage with quite controversial quotations.
Munger is hardly a friend of the crypto scene. In the past, he has expressed himself rather cautiously towards cryptocurrencies as a financial product. At the annual general meeting, the billionaire expressed his opinion once again.
Charlie Munger: ‘I hate Bitcoin success’
While Warren Buffet was unwilling to answer whether cryptocurrencies were useless gold, Munger expressed his opinion freely. He accused the questioner of wanting to ‘irritate the bull with the red flag’ with his question.
‘Of course, I hate the success of bitcoin and I don’t welcome a currency that is useful for kidnappers and blackmailers, etc’. He concluded his angry tirade with a similar statement for humanity: ‘The whole development is disgusting and contradicts the interests of civilization.’
Warren Buffet, who actually didn’t want to comment on the topic of cryptocurrencies, had to admit that hundreds of thousands of viewers are invested in Bitcoin and only two would sell it on the other hand.
The 97-year-old made it clear in February of this year that Charlie Munger isn’t a crypto friend. According to Munger, Bitcoin is too volatile as an asset to function as a means of trading.
Conclusion: Even Charlie Munger Is Wrong
Despite the billionaire’s negative statements, the crypto market is enjoying unprecedented popularity. More and more small and large investors want to buy cryptocurrencies such as Bitcoin or Ethereum.
Almost nobody supported Charlie Munger’s point of view about cryptocurrencies. Only a few voices still oppose the market that is becoming more and more relevant in portfolios of investors.