Munger Hates Bitcoin Shock

in crypto •  6 days ago 

This is Bitcoin gold:

"Of course, I hate the Bitcoin success, and I don’t welcome a currency that’s useful to kidnappers and extortionists, and so forth,” said Munger, who serves as Berkshire Hathaway’s vice-chairman.

because, of course, Bitcoin invented kidnapping and extortion.

"Nor do I like just shuffling out of extra billions and billions and billions of dollars to somebody who just invented a new financial product out of thin air,” he said. (decrypt)

Missed the boat, by any chance?

Charlie Munger is only 97 years old and just your average billionaire.

But note this:

Berkshire is still sitting on $145.439 billion in cash and short-term investments because Buffett has struggled to find major acquisitions for the company for several years. (livemint)

Blind? Not much. Sour? Just a splash.

You can watch the whole 5 hours of fun here.

One thing though:

“The gambling impulse is very strong in people worldwide and occasionally it gets an enormous shove and conditions lead to this place where more people are entering the casino than are leaving everyday," Buffett said. “And it creates its own reality for a while and nobody tells you when the clock’s going to strike 12 and it all turns to pumpkins and mice."

I don't much like casinos, but owning a casino is different.

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Thankfully we have Federal Reserve notes that aren't created out of thin air and never used for illicit activities such kidnapping, extortion, drug dealing and the like. [sarcasm on full for those who missed it)

I'm sure that he is also horrified that the stock exchange exists, given his distaste for the speculation.

So weird. Thanks for the summary. Saves me a lot of time again. LOL cross-commented at https://noise.cash/post/lv2r02gx

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We can never go wrong in investing in BTC because of its ongoing supply shock especially every halving. @rycharde