Charlie Munger once again disses bitcoin says, “bitcoin is worthless artificial gold,” an interview with CNBC. Bill Gates and Warren Buffett weigh in.
Charlie Munger “Bitcoin Is Worthless Artificial Gold… It’s A Scum-ball Activity”
Q3 hedge fund letters, conference, scoops etc
Transcript
Bitcoin is worthless artificial gold.
Which if it succeeds it good. So there is a lot of illicit activity now that is not something I think the world. Needs. And the fact that his clever computer science doesn’t mean that it should be widely used in that respect. People should encourage other people to speculate on bitcoin reminds me of Oscar Wilde’s definition of a foxhunting the pursuit of the uneatable by the unspeakable. Well it sounds better than what it was before.
We we asked earlier Charlie Andrew brought it up with wine but I think it’s us Gumble activity is that better serve you better. Thank you. Yeah. We asked earlier about Goldman Sachs getting into the business of having a trading desk for bitcoin. Berkshire Hathaway owns about 10 1/2 billion dollars and Goldman Sachs to bother you or is it not surprise you just. Well I don’t expect. Every investment bank to agree with everything I think. They have a lot of animal spirits in investment banking. Bill. Charlie and Warren have weighed in on Bitcoin.
Do you own any. Somebody gave me some for my birthday and then a few hours later I thought hey I’m going to sell out.
So you know there’s some really good technology in terms of sharing databases and verifying transactions. That is talked about as watch. That is a good thing. Bitcoin and ICOs I agree completely. It’s one of the crazier speculative things.
It’s not as this as an asset class.
You’re not producing anything. And so you shouldn’t expect it to go up. It is kind of a pure greater fool theory type investment. So you know I agree I would I would shorted if there was an easy way to do it.
One of the interesting thing if people will react when you criticize them because if they get mad they’re gambling you know if somebody criticizes Apple or Vergeer we love it. I mean if the shot goes I will buy more of it because. It’s. It’s. We don’t care whether it’s just we don’t feel that it has anything to do with it but if we criticize something that they own because they only want it to go up tomorrow they feel we are hurting them and therefore they get very upset about it they really like what they owe. What difference would it make. You know. Like criticizer or wife or something they don’t get all upset about. It.
That’s a bad habit. Oh that’s a perfect example of.
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This article was originally published in ValueWalk.