Berkshire Hathaway Vice Chairman Charlie Munger’s hatred for cryptocurrencies has recently reached its peak even as digital assets get full acceptance by several leaders across the United States.
“Of course I hate the bitcoin success. I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth, nor do I like just shuffling out of your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air,” the misinformed Munger said earlier this year.
Recently, the billionaire investor went as far as praising the genocidal tyrant government of China for destroying crypto in the communist-controlled nation.
“I wish they’d never been invented. I admire the Chinese, I think they made the correct decision, which was to simply ban them,” Munger said at the Sohn conference in Sydney this previous weekend.
Interest in digital assets has risen significantly this year. In November, the cryptocurrency market surpassed $3 trillion and top coins like Bitcoin hit record highs.
This is not a new position for the 97 year-old vice chair of Berkshire Hathaway. During a Q&A session at Berkshire Hathaway’s annual shareholder meeting in May, Munger stated that his detestation towards bitcoin had increased during the Covid-19 pandemic.
The Chinese Communist Party launched an aggressive crackdown on Bitcoin mining earlier this year, a backward-thinking decision that drove away crypto miners. However, a vast majority of the players just migrated to the U.S. to continue their work under a much less hostile environment.
Enlightened Republican leaders such as Texas Governor Greg Abbott, Texas Senator Ted Cruz, Wyoming Senator Cynthia Lummis, Miami Mayor Francis Suarez and Minnesota Congressman Tom Emmer to name a few, have been actively involved in pushing for the development of cryptocurrencies and blockchain technology.
Munger’s unfounded fear of crypto is just a by-product of his ignorance. At 97 years of age, it is not surprising that the barely-centenarian magnate will have a hard time understanding the future of technology and finance. Although it is difficult for an old dog to learn new tricks, Munger should at least keep his opinions to himself as it could only expose his lack of comprehension and bitterness towards the younger generation that makes up a huge portion of the early adopters of the virtual assets.
“It’s really kind of an artificial substitute for gold. And since I never buy any gold, I never buy any bitcoin. Bitcoin reminds me of what Oscar Wilde said about fox hunting. He said it was the pursuit of the uneatable by the unspeakable,” Munger said back in February.