Entrepreneur Charlie Munger has repeatedly been calling out those investing in “worthless” digital assets, arguing that the venture is “disgusting” and similar to “trading turd” just for the mere sake of jumping on the bandwagon due to some kind of a flocking instinct.
Billionaire magnate and Vice Chairman of Berkshire Hathaway Charlie Munger lashed out at Bitcoin investors and traders while attending his company’s annual shareholder meeting on Saturday.
Munger, who is notably in tune with another ardent critic of digital money, his investment partner Warren Buffet, said that Bitcoin investors gather in celebration of Judas Iscariot’s life work, likening those who set about Bitcoin trading with those struggling to not be “left out” while “somebody else is trading turds”.
“And I think the people who are professional traders that go into trading cryptocurrencies, it’s just disgusting”, he added, dubbing cryptocurrency traders “demented”.
A long-time outspoken opponent of cryptocurrency trade, Munger subsequently addressed the issue in an interview with CNBC, arguing that Bitcoin is worthless and nothing more than artificial gold, bringing up Oscar Wilde’s comments on fox hunting:
“The fact that it’s clever computer science doesn’t mean it should be widely used, and that respectable people should encourage other people to speculate on it. Bitcoin reminds me of Oscar Wilde’s definition of fox hunting: ‘The pursuit of the uneatable by the unspeakable”, he added.
Echoing the rhetoric, Berkshire Hathaway CEO Warren Buffet also blasted Bitcoin during the Saturday get-together, remarking that he cannot consider Bitcoin to be something to invest in, because it “just sits there” and “does nothing”. He has repeatedly warned potential investors against injecting money into cryptocurrencies, anticipating their fall due to extraordinary volatility.
He has been laughing off the assets irrespective of the progress they make from time to time; however, analysts do not completely rule out a change in his stance, citing the case with Amazon: although Buffet hasn’t been the biggest proponent of Amazon either, he has recently bought stocks in the giant retailer.
BTC price corrected lower recently after its strong rise this past week, trading above the $5,800 level against the US Dollar and then declining below $5,700.