Warren Buffett, at the age of 87, sat on the stage on Saturday with his senior business partner Charlie Munger, who was 94 years old, and once again voiced comments in the kindergarten class about Bitcoin and the legitimacy of the cryptocurrency.
Speaking like the flesh and blood of the versions of Statler and Waldorf, the elegant old men, from the Muppets show, Buffet and Munger criticized Bitcoin back in front of the audience, gathered at the annual meeting of Berkshire Hathaway.
Buffett, known as the Oracle & Omaha in his prediction of solid investment, began to make all of his usual comments that Bitcoin is not an asset, and warns that this is a “charlatan tool” before remarking that it is “probably rat poison squared”, in response to the investor’s question.
Then Charlie Munger picked up the stream, saying Buffet: “I like cryptocurrencies a lot less than you do”, before continuing a raucous look of muttering, to compare crypto with some kind of dementia and ending with the words:
it’s just disgusting, It’s like Someone else is trading turds and you decide I can’t be left out.
These children’s quotes from such outstanding financial professionals don’t surprise everyone who follows cryptocurrency. Just as their critique of Bitcoin’s uselessness as an investment, because it’s digital and continuous warnings about the coming bubble, wears out so thinly that they no longer deserve coverage in print.
Buffett admits that he doesn’t understand Bitcoin
Munger, who was quoted in February, calling bitocone “asinine” and Buffet, has a long history because of the rude childish remarks about the technology in which the buffet has already signed up, saying that he does not understand when he told CNBC: “I get enough trouble with things. I think I know something. Why in the world should I take a long or short position in something I don’t know about?”.
Buffet and Munger are not the only two old Bitcoin bears who are used to doing teenage excavations about the cryptocurrency. CEO Jamie Dimon and chairman of the financial giant JP Morgan Chase called Bitcoin “fraud” and “stupid,” so many times that he could have cards.
The Nobel economist Robert Schiller, who likes to refer to Bitcoin as a fad, and again and again compared him to the Ponzi scheme, could also shed light on why the old guard returns to such infantile insults when he said that the crypto currency violates the traditional view of the banking a business.
Bitcoin was created to break the system that made people like Buffett fabulously rich and he and Munger, and many other old guardians don’t like it, they don’t understand it and don’t understand that they have to lose out of a decentralized currency is just what keeps them calling Bitcoin “stupid”, “fake” and compare it to a “turd”.