Old Investors Resort to Childish Taunts About Bitcoin, Optimistic Trend
The old money guard is at it again. Warren Buffett at age 87 sat on stage Saturday with his elder business partner Charlie Munger who is 94 and made kindergarten grade comments about Bitcoin and the legitimacy of cryptocurrency once again.
Buffett and Munger at it Again.
Appearing like flesh and blood versions of Statler and Waldorf, the cantankerous old men from the Muppets Show Buffet and Munger bandied snide criticisms about Bitcoin back and forth in front of an audience gathered for the Berkshire Hathaway annual meeting.
Buffett, known as the Oracle of Omaha for his history of predicting solid investments, started off making all his normal comments about Bitcoin being a non-asset and warning that it is “tool for charlatans” before remarking that it is”probably rat poison squared,” in answer to a question by an investor.
Charlie Munger then picked up the thread by telling Buffet ” I like cryptocurrencies a lot less than you do” before continuing in a wheezy kind of mumble to compare crypto to a kind of dementia and ending by saying
“it’s just disgusting, It’s like Someone else is trading turds and you decide I can’t be left out.”
These childish quotes from such distinguished men of finance come as no surprise to anyone who follows cryptocurrency. Just as their criticisms about the worthlessness of Bitcoin as an investment, because it’s digital and continuous warnings about the coming bubble burst have worn so thin as to no longer be newsworthy.
Buffett Admits He Doesn’t Understand Bitcoin
Munger who was quoted in February calling Bitcoin “asinine” and Buffet have a long history of making crude childish remarks about a technology that buffet has gone on record saying he doesn’t understand when he told CNBC “I get into enough trouble with the things I think I know something about. Why in the world should I take a long or short position in something I don’t know about?”
Munger and Buffet aren’t the only two old money Bitcoin bears who have made a habit of making juvenile digs about cryptocurrency. Jamie Dimon CEO and Chairman of financial giant JP Morgan Chase has called Bitcoin a “fraud” and “stupid” so many times he may as well have cards made up.
Nobel prize-winning economist Robert Schiller who is like to refer to Bitcoin as a fad and has time and again compared it to a Ponzi scheme may also have shed some light on why the old guard revert to such infantile insults when he said that Cryptocurrency disrupts the traditional view of banking.
Cryptocurrency – Bitcoin was created to do just that, disrupt the system that has made men like buffet fabulously rich and because he and Munger and so many other of the old money guard don’t like that, don’t understand that or possibly understand what they have to lose from a decentralized currency is just what keeps them calling Bitcoin “Stupid” “fake” and comparing it to a “turd”.