This weekend, billionaire investors Warren Buffett and Charlie Munger assailed Bitcoin during Berkshire Hathaway's yearly shareholder meeting.
"If you told me you owned all the Bitcoin in the world and you offered it to me for $25, I wouldn't take it," Buffett said. "What would I do with it? I’d have to sell it back to you one way or another. Maybe it’d be the same people, but it isn’t going to do anything."
“Certain things have value that don’t produce something tangible. I mean, you can say a great painting probably will have some value 500 years from now,” Buffett said. “But assets, to have value, they have to deliver something to somebody and there’s only one currency. You can come up with all kinds of things. We can put up Berkshire coins, or Berkshire money,” Buffett said.
“[Satoshi Nakamoto, the pseudonymous founder of Bitcoin] could create a mystery about it. But everyone knows what I’m like,” Buffett said.
Buffet said that Bitcoin was like an insurance company that pretended it was a technological innovation. “It's got a magic to it, but people have attached magic to lots of things," Buffett said. In the past, the billionaire called Bitcoin “rat poison squared.”
"In my life, I try and avoid things that are stupid, evil, and make me look bad in comparison to someone else," Charlie Munger said. "Bitcoin does all three."
Similarly, Munger said cryptocurrency was like a venereal disease and renewed calls to ban it.
Munger told shareholders that over time the value of Bitcoin would plummet to zero dollars, and therefore crypto holders were “stupid.” He also labeled the decentralized currency as “evil” for undermining the stability of the U.S. financial system.
Munger also highlighted that China banned cryptocurrency, and America’s failure to do the same made it “look foolish.”