Charlie Munger , the vice president of one of Warren Buffet’s companies, expressed his hatred of bitcoin during their annual shareholders meeting. He has already commented in the past that he did not like the idea of cryptocurrencies for various reasons. At the board’s Q&A came a question in which they questioned whether the success of the coins had not changed their opinion.
Warren Buffet chose to evade the question , saying that his opinion would make a lot more people angry than it would make them happy. Munger took another path and was brutally honest about his feelings regarding bitcoin.
“Of course I hate the success of Bitcoin.”, Said the president of the society, “I do not welcome a currency that is so useful for kidnappers and extortionists and so on, nor do I like to simply spend my extra billions of dollars on someone who just invented a new financial product out of thin air. “
Cryptocurrencies have not had the most stable history, they are constantly going up and down in value. Last week, in fact, the value of bitcoin fell dramatically in a matter of hours. Munger added in his comment that he admires the Chinese government for banning the use of them.
“I think I should modestly say that the whole damn development is disgusting and contrary to the interests of civilization,” he said.
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