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“I hate the success of Bitcoin,” said Manger and others at the Berkshire shareholders’ meeting

Cryptocurrency

The attitude around Bitcoin remains unchanged

Berkshire Hathaway, a major US holding company, held a shareholders’ meeting on the 1st. There was one side where Buffett and Manger gave their views on crypto assets (virtual currency) Bitcoin (BTC).

Berkshire Hathaway is one of the world’s leading investment and insurance companies. Warren Buffett, chairman and CEO of the company, once scrutinized Bitcoin for “rodenticide” and “gambling” in 2018, but in January last year with Tron (TRX) founder Justin Sun. Has a history of having dinner.

At the dinner, Sun and his colleagues said they had “sent Bitcoin” to Buffett’s wallet, but Buffett later refused to allow BTC.

When asked about Bitcoin at the shareholders’ meeting held on the 1st, Buffett commented, “I knew that there would be questions about Bitcoin.” I refrained from giving my opinion.

While hundreds of thousands of people have Bitcoin, only two are short-circuited.

This is a stupid equation because you are forced to choose between making 400,000 people angry and unhappy or making them happy.

Buffett is known to be skeptical about cryptocurrencies, but at a dinner with Justin Sun in 2020, he was positive about the application in terms of payment, saying that “blockchain is valuable”. At the 2019 shareholders’ meeting, Bitcoin mentioned that it was “a gambling-like device” and “produced nothing.”

Buffett’s longtime investment partner, Vice Chairman Charlie Munger, commented that he “dislikes the success of Bitcoin,” which is used by kidnappers and blackmailers. Mr. Manger showed his attitude toward Bitcoin, saying that raising the topic of cryptocurrencies in his own situation is a provocative act.

In addition, Mr. Manger continued to criticize as follows.

We also don’t like to allocate billions or tens of billions of extra money to those who invent new financial products from nothing.

So, to say the least, these (cryptocurrency) developments are against the interests of civilization and hate such developments.

In February 2009, Munger also cited the high volatility of Bitcoin as a factor, noting that it would not function as a medium of global value exchange.

Is “mouse” cash?

In response to Buffett’s “bitcoin is a rodenticide” statement that attracted attention, in a letter to investors at the end of 2020, prominent investor Bill Miller said, “If Bitcoin is a rodenticide, the mouse will be cash.” And counterargued. He pointed out that Bitcoin’s market capitalization exceeds JP Morgan and Berkshire Hathaway.

Relation:“If Bitcoin is a rodenticide, it’s cash,” renowned investor Bill Miller returns to Buffett.

In fact, Buffett’s 2018 statement has raised Bitcoin prices more than five times (about $ 9,600 to $ 56,000). Even when comparing the entire virtual currency market, the market capitalization has more than quadrupled.

Source: CoinMarketCap

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Author: Noah Sakamaki
Reference: Yahoo Finance

Images used under Shutterstock license
“Cryptocurrency” means “cryptographic assets”

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