Buffett's longtime partner and Berkshire Hathaway Vice Chairman Charlie Munger died on Tuesday at the age of 99.
Munger is known for his significant contributions to the investment community and his work with Buffett at Berkshire Hathaway. At the same time, he is also one of the most outspoken critics of Bitcoin and cryptocurrencies.
"A new financial product created out of nothing" fully expresses Munger's contempt for Bitcoin. He once called Bitcoin "disgusting and contrary to the interests of civilization" and criticized its extreme volatility and lack of regulation.
He also expressed concern about Bitcoin being used by criminals such as kidnappers and blackmailers.
Munger has dismissed the idea that Bitcoin could become a global medium of exchange, citing its volatility. He has even called for a ban on cryptocurrencies in the U.S. and has repeatedly publicly praised China’s approach to cryptocurrencies.
In a 2021 interview, Munger said: "I don't welcome a currency that is so useful to kidnappers and extortionists, etc., and I don't like giving your extra billions of dollars to someone who invented a new financial product out of thin air."
He further added, "I suppose I should modestly say that the whole damn development is disgusting and contrary to the interests of civilization."
Munger stuck to his stance that Bitcoin is a “man-made substitute for gold” and likened it to an ineffable person’s pursuit of an inedible thing.
His views on Bitcoin and cryptocurrencies have sparked countless debates and discussions in the financial community.
As the world of cryptocurrency continues to develop, Munger’s criticism is a reminder that this new form of digital assets still faces huge challenges and controversies.
