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Like Berkshire Hathaway chairman Warren Buffett, the 97-year-old Munger is a known critic of Bitcoin (BTC).
Addressing the 2021 Daily Journal annual meeting with shareholders organized by Yahoo Finance on Wednesday, Munger again espoused some negative sentiments about the largest cryptocurrency by market capitalization.
Fielding questions from shareholders concerning Bitcoin, Munger stated:
“I don’t think Bitcoin is going to end up [being] a medium exchange for the world. It’s too volatile to serve well as a medium of exchange.”
Compared to Munger’s previous comments about Bitcoin, his remarks during the meeting appeared watered down. Indeed, Munger once said that Bitcoin investors were celebrating the life and work of Judas Iscariot.
During the 2018 edition of the Daily Journal annual meeting, Munger characterized cryptocurrencies as “totally asinine,” and called professional crypto traders “disgusting.”
In that same event, Buffett gave his famous rat poison-squared remark against Bitcoin. ??
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?? Munger also touched on BTC being like gold on Wednesday, adding:
“It’s really kind of an artificial substitute for gold and since I never buy any gold, I never buy any Bitcoin, and I recommend other people follow my practice.”
“It’s like what Oscar Wilde said on fox hunting: the pursuit of the unwanted by the unseemly,” commented Munger. Furthermore, the Daily Journal dismissed the notion of the Daily Journal adding Bitcoin to its balance sheet, as Tesla had done. As part of his remarks at the event, Munger waxed lyrical about the mainstream finance, saying that it is a valuable element to civilization when managed properly.
Buffett’s right-hand man also dismissed the idea of the Daily Journal emulating companies like Tesla in adding Bitcoin to its balance sheet.
As part of his comments at the event, Munger also waxed lyrical about mainstream finance saying that “a properly run bank is a great contributor to civilization.”
