Neither Berkshire Hathaway CEO Warren Buffett nor his right-hand man has warmed to bitcoin.
Berkshire Hathaway vice chairman Charlie Munger took a dig at bitcoin during the company’s annual shareholder meeting in Omaha, predicting that the world’s largest cryptocurrency will “very likely” fall to zero.
CEO Warren Buffett doesn’t know whether bitcoin will go up or down in value in the next few years, but he still doesn’t want anything to do with it.
The 91-year-old entrepreneur, whose net worth is estimated at $124.3 billion, has reiterated that bitcoin does not produce anything.
Buffett says he won’t even pay $25 to buy all the current coins in circulation. “I won’t take it because what will I do with it?” Said “Oracle of Omaha”.
One of the most famous investors of all time claims that bitcoin has no chance against the US dollar.
Munger was even more harsh in his criticism of the world’s largest cryptocurrency, calling it “stupid” and “evil.” The billionaire believes it undermines the US Federal Reserve, which America “desperately needs.” As reported by U.Today, he compared the top cryptocurrencies to “Venereal Disease” in February.
Buffett also strongly criticized Wall Street for turning the market into a “gambling parlor”. He believes the financial industry encourages risky behavior.