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May 23, 2018

Buffett, Munger have harsh words for cryptocurrency


Berkshire Hathaway chairman Warren Buffett minces no words when it comes to cryptocurrency, calling bitcoin “probably rat poisoned squared” and his right-hand man, Charlie Munger, has even harsher words, saying “it (cryptocurrency) is like someone else is trading turds and you decide I can’t be left out”.

A Yahoo Finance May 6, 2018, report (Why bitcoin is ‘rat poison’ to Buffett, ‘turd’ to Munger) said that Warren Buffett, a long-time value investor, compares cryptocurrency to gold, which he sees as a non-productive asset. “It’s essentially not going to deliver anything other than supposed scarcity because you can only mine so many,” Buffett said at the Berkshire Hathaway annual shareholder meeting on Saturday (May 5). “So what? What does it produce itself?”

Background reading:

Why Warren Buffett steers clear of bitcoin

Warren Buffett’s investment choice: productive assets (December 6, 2014)

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