Berkshire Hathaway Vice Chairman Charles Munger said Warren Buffett’s company had no plans to buy the first cryptocurrency due to the asset’s high volatility.
During an interview at the annual meeting of shareholders of the Daily Journal Corporation, a top manager was asked what is big insanity: the growth of the capitalization of the electric car manufacturer Tesla to $ 1 trillion or digital gold at $ 50,000.
“Can’t prioritize between lice and fleas. I don’t know which is worse, ”Munger replied with a reference to the writer Samuel Johnson.
Munger called the banking system “a great contribution to humanity” and questioned bitcoin’s ability to “become the world’s means of payment.”
“It’s too volatile for a legal tender and is an artificial substitute for gold. Since I don’t buy gold, I will never buy Bitcoin. No, we will not follow Tesla, ”said the top manager.
Earlier, Tron Foundation CEO Justin Sun paid a record $ 4.5 million for a charity dinner with Warren Buffett in 2020, where he gave him 1 BTC. Soon, the legendary investor again declared the uselessness of cryptocurrencies, but positively assessed the meeting.
In 2018, Munger called Bitcoin a “poisonous poison” and called on governments to “crush it” with regulation.
In 2019, a 95-year-old top executive compared cryptocurrency investors to Judas’ followers.
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