90 year old Warren Buffett and 97 year old Charlie Munger are Legendary investors and billionaires. The billionaire investor doesn’t like Bitcoin because he considers it an unproductive asset. A few instances were provided at Berkshire Hathaway’s annual shareholder meeting. The first was when Munger declared that he “hates” bitcoin’s rise and that the entire situation is “disgusting.” Warren Buffett’s deputy, together with the stock market mogul himself, feels bitcoin is “disgusting and contrary to the interests of civilization.
Warren Buffett is not a fan of crypto currencies . He also said that he doesn’t own any cryptocurrency and never will, although he did reportedly receive some for as a birthday gift.
Buffett told CNBC that it will never work as a currency. “It is not a durable means of exchange, it’s not a store of value,” he said. It is an understandable perspective. Indeed, one of the reasons Bitcoin has spawned so many other cryptocurrencies is that it isn’t a great digital currency.
“It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me. It’s a gambling device. There’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything” he said.
The billionaire investor doesn’t like Bitcoin because he considers it an unproductive asset. Buffett has a well-known preference for stocks of corporations whose value and cash flow come from producing things. But cryptocurrencies don’t have real value, Buffett said in an interview in 2020.
Buffett has called bitcoin a “delusion” and “rat poison,” and he vowed last year to never own any cryptocurrencies, arguing they attract charlatans and “basically have no value.” Munger, for his part, has called bitcoin “artificial gold” and insisted its volatility makes it useless as a means of exchange.
Out of his hatred for crypto, Warren Buffett keeps referring to it as a gambling device and rat poison.