Buffett's 5 major Bitcoin misses
The first time was in 2013:
As early as 2013, Munger believed that Bitcoin was "rat poison." At that time, the price of Bitcoin was $150, and five years later, the price was $9,000. He declared again: "So it is a more expensive rat poison."
Buffett said that Munger was right
The second time was in 2017:
Buffett said in an interview with CNBC that Bitcoin is more toxic than rat poison. Subsequently, Munger's attitude became more radical, "I may dislike cryptocurrency more than Buffett. In my opinion, this is brain dementia. It feels like others are trading feces, and you don't want to be left behind."
Buffett said that Munger was right
The third time was around 2021:
Expressed the hope that cryptocurrency was not invented. In May 2021, Munger exchanged Bitcoin for excessive benefits to predators and scammers, causing damage to civilization. Later, he also suggested to investors that "the right approach is completely ignored by society (cryptocurrency), never touch it. Never buy it." Buffett said that Munger was right. The fourth time before the global financial crisis in 2023: Buffett was negative about the cryptocurrency, believing that it was just a token used for gambling and had no intrinsic value, but people still flocked to it and rushed to play roulette because the desire to make quick money by gambling is human nature. The fifth time was this year, which is now: Despite the shift in public opinion on cryptocurrency, Buffett still won't buy it. "I don't know whether it will go up or down in the next year, or 5 or 10 years. But one thing I am sure of is that it will not produce anything," Buffett said. "It has a kind of magic, and people give magic to a lot of things."
