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Charlie Munger: Bitcoin Is Worthless Artificial Gold | CNBC



Berkshire Hathaway CEO Warren Buffett, Vice Chairman Charlie Munger and Microsoft Co-Founder Bill Gates speak to CNBC’s Becky Quick about bitcoin and cryptocurrencies.
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Charlie Munger: Bitcoin Is Worthless Artificial Gold | CNBC

Berkshire Hathaway Vice Chairman Charlie Munger went after bitcoin again on Monday, doubling down on remarks he made about the digital currency over the weekend.

“Bitcoin is worthless, artificial gold,” Munger told CNBC’s “Squawk Box.” “Now that is not something I think the world needs.”

“The fact that it’s clever computer science doesn’t mean it should be widely used, and that respectable people should encourage other people to speculate on it,” he said. “Bitcoin reminds me of Oscar Wilde’s definition of fox hunting: ‘The pursuit of the uneatable by the unspeakable.'”

Munger went after the popular cryptocurrency at the Berkshire Hathaway annual meeting on Saturday, calling it a “turd,” adding that trading cryptocurrencies is “just dementia.”

His partner, Warren Buffett, also commented negatively on bitcoin on Monday, saying it is an asset that does not create anything.

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Written by frances

Lawyer, Believer, Idea Agent, Database Wrangler, Human Casserole. I want to see your peacock.

40 Comments

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  1. Let me run that through the “BS” filter – [crypto currency‘s are going to take away all of our power to rule and abuse the people]

  2. Old people, especially this crypt keeper, never understand new technology so it’s hard to take his opinion seriously

  3. These old farks just spread fud and buy it all up when people panic sell.. you know they're just hoarding it… they KNOW its the future and repeated attacks against it means they can buy more and more..

  4. Interview young smart people that are relevant and informed not not 3 people with a combined age of 4006 that have billions invested in banks and stock.

  5. Charlie is only have couple of hours left to live, why would we waste time listening to these has been people that completely no understanding about BLOCKCHAIN.

  6. Oscar Wilde also said — 'Nowadays people know the price of everything and the value of nothing.' Maybe he doesn't understand the value of a censorship resistant asset against inflation and confiscation.

  7. Bitcoin isn't made for these guys. It's made for all the starving people out there to escape from the stranglehold guys like these have on our economy!

  8. "i don't expect every investment bank to agree with everything i think, theres a lot of animal spirits in investment banking" now that is a quote

  9. Bill Gates = 91.7 billion
    Warren Buffet = 84.4 billion
    Charlie Munger = 1.69 billion

    Three 5.56 Nato rounds with Eotech sight = PRICELESS

  10. Dollar is also worthless in my opinion, your 3 old sacks are too old for the tech, Bitcoin will thrive, How to you attach value to the Dollar, the people, people are loosing faith in the dollar, why should anyone listen to them, its like they are telling you what to invest in.

  11. I Wouldn't want bitcoin if i had a billion dollars USD because if people start to use it my billion dollars would be worth nothing !!!

  12. Great advice guys, put on your suit and tie and dump all your cash into Coca Cola & McDonald's because just like Munger said Cryptocurrency and block-chain technology is "not something the world needs". Some of the most shallow insight you will come across, why these conservative relics are being asked for their opinion on something they don't have the faintest clue on is beyond me.

  13. These guys are too old to understand the technology, Just like how they didn't own apple / google so do they not own crypto its fine, hopefully they can stay alive for a decade and see where bitcoin actually goes.

  14. all 3 of these schmucks are lying through their teeth, and destroying their legacy image in the process. All to buy some cheap BTC. When the big dogs start slinging FUD It's time to go full ramadan in order to afford more coin.

  15. These guys are not dumb. For them to throw child like insults at a technology you have to know is coming is so obvious. Why didn't they get up and show a chart and technically explain why Bitcoin is a bad buy? To me this is obvious market manipulation, most likely in their favor.

  16. With cryptocurrencies you can send money to another continent without having to wait days and pay massive fees. That is worth something.

  17. Respect all of them for what they have done but way off course on some of the things they were calling it. They don’t understand full impact of how it’s gona change things which is fair enough but just say that or that tech not for them. No need to slander it jeez.

  18. I wouldnt be surprised these guys are against bitcoin. all their billions are is stored in fiat currency. if people start using cryptocurrencies to transact you devalue their billions. also the bankers and billionaires have special rights that you regular hard working people dont have in the fiat currency system. they get bailouts when they gamble and loose. we regular people dont. they just pass on their mistakes to us tax payers. so keep hating on cryptocurrencies and help keep the rich richer and pay the tab when they gamble and loose

  19. The universe sees these 3 as black scum tar pits dwarfing the grand cannon, they're baby killers on an unimaginable scale. Never judge a man solely by his wealth.

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