Like Berkshire Hathaway President Warren Buffett, 97-year-old Charlie Munger is a well-known Bitcoin (BTC) critic.
Munger spoke at the 2021 annual shareholder meeting in the Daily Journal hosted by Yahoo Finance on Wednesday and left some negative reviews of the largest cryptocurrency by market value.
When asked about Bitcoin, Munger replied:
“I don’t think Bitcoin will end up being the exchange medium for the entire world. It’s too unstable to serve as a medium of exchange.”
Compared to Munger’s previous comments on Bitcoin, his notes during the meeting were vague. In fact, Munger once said that Bitcoin investors praised the life and work of Judas Iscariot.
During the 2018 Daily Journal annual meeting, Munger described cryptocurrencies as “completely meaningless” and described professional cryptocurrency traders as “disgusting”.
At the 2018 Berkshire Hathaway Annual General Assembly, Munger likened the cryptocurrency market to “fecal trading.” At the same event, Buffett made his infamous comment on Bitcoin’s “rat poison square”.
As developments in expansion solutions such as Lightning Network and sidechains are still ongoing, it has yet to be decided whether BTC will function effectively as an exchange tool.
However, issuing Bitcoin as a store of value appears significantly more convincing, despite claims to the contrary by critics such as Nouriel Roubini and Peter Schiff. Munger also touched on BTC as Wednesday gold, adding:
“It is a kind of synthetic gold alternative, and since I never buy gold, I never buy bitcoin and recommend others to follow my practice.”
Berkshire Hathaway MP did not miss the opportunity to ditch the anti-Bitcoin audio clip, citing Irish poet and playwright Oscar Wilde, comparing BTC to fox hunting. Munger asked, “This is what Oscar Wilde said about fox hunting: hunting the uneaten of the inexpressible.”
Buffett’s right-hand man also rejected the idea that the Daily Journal was emulating companies like Tesla by adding bitcoin to the balance sheet.
In comments during the event, Munger also expressed his jubilation about conventional finance, stating that “a well-managed bank makes a big contribution to the development of civilization.”