Bitcoin Forum

Berkshire Hathaway CEO Charlie Munger has called bitcoin's growth and rise "disgusting" and "contrary to the interests of humanity."
"I don't welcome a currency that's so useful to kidnappers and extortionists, nor do I like just handing over billions and billions of dollars to someone who just made up a new financial commodity out of thin air," he added.

Charlie Munger's disdain for bitcoin demonstrates that boomers are feeling challenged because they became complacent and missed out on the next big thing.

What are your thoughts on the matter?

Well, they are boomers, of course they are going to be really adamant to their beliefs that the new thing is not a good thing and that the newer generations didn't suffer like them. I say that we let them say anything they want because at the end of the day, they are just words.

Many people hate bitcoin. Many people hate gold. Many people hate cash. So what?

Should anyone really trust and take seriously anything that 97 years old man (read Charlie Munger) with one leg in his grave has to say, and should we first question his state of mind when he talks about anything including Bitcoin?
He and his buddy Warren Buffet are probably angry they are late to invest in Bitcoin so they made his life mission to trash talk BTC it as long he is alive.
However successful Charlie Munger was with his previous investments it does not mean that he never made any mistakes and bitcoin was one of his biggest mistakes, but I bet some of his grandchildren already have Bitcoin.

People know Berkshire Hathaway only because of Warren Buffet and not because of this Charlie fellow. So what he thinks really don't matter to us. Even the crypto community has proved themselves immune from the comments of Warren Buffett. Charlie is just following the footsteps of his boss because if he thinks otherwise, he may have to loose his job.

So I don't think we should be making these people popular among the crypto community as a hater. Just let them comment and we do our own job. That's it!

It seems extremely strange to specifically bring up kidnappers/extortionists using Bitcoin, I wonder if he has been personally affected by this - billionaires obviously make prime candidates for these type of attacks. In a sense, Cryptocurrency in general is going to be a direct competitor to the credit card companies owned by Berkshire Hathaway and start cutting into their profit margins. Paper currency and coins are eventually going to be replaced, the global pandemic has sped this up in many countries with people not wanting to potentially touch virus laden objects. At the end of the day crypto is going to become more regulated or it will face more government bans because no government wants "black" money circulating where you cannot trace the owner. Bitcoin still has enough of a bonus in terms of liquidity and ease of use that this should not affect the price too much.

Not a new case, he's with Warren Buffett whom also dislikes bitcoin. There's no changing with those anymore, they're old and can't accept the fact that there are new billionaires such as Vitalik Buterin through cryptocurrencies.
Hating bitcoin will do them nothing, whether they will remain to be a bitcoin hater, there's nothing going to change for bitcoin and the fact that it's keeping on becoming mature and its value keeps rising.

Wow... Well i guess that Charlie Munger knows thing or 2 about "disgusting" and "contrary to the interests of humanity."

I wonder how physical cash and gold aren't more useful to extortionists then most trackable asset out there? Too bad he is so old we won't see him flipping out how everything is disrubted by with smart contracts in the future.

But his motives are ovious and his ramblings shouldn't be taken seriously...

OK boomer. That's barely deserves our and your attention really. A lot of people hate bitcoin. Some of them are more intelegent than him. We don't need to pay much attention for them.

They just have hated BTC from their words from before. This link is a video from Warren Buffet, but they are technically the same with the same belief system.

https://www.cnbc.com/video/2018/05/07/buffett-bitcoin-is-an-asset-that-creates-nothing.html

It's basically what they would like to say because they can't fathom what it does in reality. All they know is the old school ways that have been proven with years behind the asset, but since BTC is still at its infancy and still have not yet given the proper thought to everyone, unlike what they are investing in, it's not going to be put in their brains that it's a viable asset.

Maybe what they don't understand is that you can have digital assets right at your fingertips or in your mobile phone and think that it's non-existent or just created out of thin air since it's digital. It's never going to work if they are closed-minded like that. They would stick to the basics with their fundamental analysis. Not so much on the technical analysis.

I thought that they would change their minds once it has sky rocketed from before, but now, it's just not going to work for them.

Bitcoin and altcoins are considered high-risk investments, and we know high risk means it can go up to the moon, or it can crash hard to hell... Those ones who lose a big amount of money will talk bad about bitcoin and those ones who make a big profit will love it. It's simple as that. The question here is, how much money did charlie lose to talk this way.

I don't think Charlie Munger is the CEO of Berkshire Hathaway since that is the role of Warren Buffet also Charlie Munger won't be having a different view on Bitcoin or at least be far away with the opinions that have been expressed by Warren Buffet in the past since he is technically working under him. Simply a clash of opinion for the both of them will just be ugly in a lot of ways after all Warren Buffet won't be wanting to have his right-hand man having different views on the same matter.

I don't care, he says anything about Bitcoin with all his insults, we don't lose him to tease him into Bitcoiner, and we don't even ask for donations from the wealth he has. Bitcoin haters will always appear, because they don't know that Bitcoin will be profitable, try if they know the potential of Bitcoin beforehand. I am sure who will not be tempted. all will know whatever profitable has been missed is so great.

Three more years and he will reach 100 years old and if anyone is taking his words seriously then there is nothing much to say. I do understand that his brain is not allowing him to understand the new technology and if he cannot find his conventional investment patterns they will find it hard to understand and they will vouch that it will fail and because bitcoin is a new technology and it is not what they knew as an investment potential asset throughout the years they are against it.

Should we bother? There are even more big personalities that didn't show any good approach towards bitcoin.

No need to disagree with him as that was his opinion and we have nothing to do with it. You should have to respect his view and mind our own.

Of course, his thoughts are disgusting, there were many, many more important people than him who made statements opposing Bitcoin and described it with bad descriptions such as that it was a bubble and used for terrorism and money laundering, but they went back and retracted their statements and recognized the strength of Bitcoin as a store of value and a good currency for future investment.
These people are either stupid, not seeing the truth, or looking for fame through these disgusting statements that do not express reality and the truth. Bitcoin has proven to be more powerful than all this talk and that it is on its way, and no one will be able to stop it.

Although he is one of the popular people in the world because he is an American billionaire investor, businessman, former real estate attorney, architectural designer, and philanthropist (source: Charlie Munger (https://g.co/kgs/GWrXvz)), doesn't mean that what he says can really give a significant impact.
Many people hate BTC, they say and announce that they really hate BTC, consider that BTC is not a valuable investment, BTC is dangerous, BTC is worthless, and many more negative issues uttered. However, this is not too minded for us and most people that have already known about cryptocurrency. Bitcoin is still ongoing and we can take the profits from it. And we also believe in the future of Bitcoin itself, always.
it is normal for him to hate BTC because BTC is likely breaking the rules of investment, but that is BTC< crypto, and also with all of the volatility

Haters gonna hate. Ive seen so many bitcoin enthusiasts and supporters now that was a hater of bitcoin before. If they see how far bitcoin are going, how greatness the technology been used and how amazing it is today, if they experience the advantage of it today then that man will eat up all his pessimistic statements towards bitcoin.
 
 Charlie's words isnt that powerful to change our beliefs and so are those who are bitcoin believers. Especially those who has a proof of massive income and profits from investing into it.

We need to know that bitcoin is a coin that has gone through various obstacles so far so I don't care even though there are still some people who hate bitcoin, because I really believe that bitcoin will continue to survive even though there has been a lot of negative news about bitcoin lately, but we've seen things like that have no impact on bitcoin.

Here's a wake up call for Charlie. Most extortionists and kidnappers in the world use cash and the most popular cash in the world is the US dollar.

Do some math Charlie. How many kidnappers were paid off using bitcoin and compare it to the number of kidnappers who were paid in USD. I have no idea what the numbers are but USD is going to score 100x in this one.  ;D

It's funny because most of his friends on high places are doing just the exact same thing on stocks and derivatives yet he can't be bothered to address those. Also, it has been proven time and time again that fiat is way more used for extortion and kidnap-for-ransom as it's untraceable and easier to dispose of compared to having to go the route of bitcoin and dumping the proceeds on an exchange. He's definitely way off the mark on his comments regarding bitcoin and it shows that he's just out here hating.

Just let them be and better to ignore since we do have different inputs and views towards bitcoin on where there are people whom do really always sees on the negative part of anonymity on what bitcoin
is showing off or into its main features or characteristics.

This isn't something new when it comes to negative sentiments specially into those people who are heavily relying into those centralized stuffs and when they do saw something new into their eyes
then that's the time they do make out criticisms.

You would really be expecting lots of similar words as we go ahead.

I quite agree with what you say, but I don't think that for Muger and Buffet, not investing in Bitcoin is a mistake. They are already extremely wealthy and don't have long to live, as you say, so they don't need Bitcoin at all.

It's like saying that someone who has become a billionaire by investing in real estate has made a mistake because he didn't buy Apple shares.

Well, this is not new for a person like Charlie Munger who is already an old person, they cannot considered bitcoin or any cryptocurrency as safe and secured because it is in technology and they are not well knowledgeable in technology, so they keep on choosing the fiat ones over cryptocurrency because they are already good on how traditional ways works. Well, just ignore them, we dont need to mind the things they are talking about cryptocurrency, bitcoin already proves a lot of things.

I don't even know who he is. He's just like an ordinary random old dude next door for me saying stuffs about something.

If he is something known in other countries, then he is just another business destroying other business in order for his own to grow and dominate the market.

Bitcoin is a force that is destined for greatness ,no amount of hate can bring it down,not from an individual ,group of people or even the government can hold it down,if he chooses not to patronize bitcoin he should leave it and let those who want to patronize it do so

Boomers being boomers, they still think that they are entitled of the world knowing that a lot of things have changed and I don't think that they won't be able to adapt because they are all pretty stubborn and stupid when it comes to change, they know that they won't benefit a lot from change and they want to maintain status quo because they have the money there and the power and moving from the other is going to be problematic for them. Let him hate bitcoin, that's what they had been doing to bitcoin since day 1 and look where we are now.

He is simply describing fiat in his own rant against Bitcoin. The man sounds so bitter.

99.99% of kidnappers all over the world must be using fiat. The same is true with extortionists, terrorists, scammers, money launderers, drug lords, politicians, etc. You name it.

Speaking of a financial commodity made out of thin air, nothing can beat fiat.

     The guy clearly is insecure and feels left out. How many people like this have we seen so far in all the years that bitcoin existed? Uncountable. Obviously, this guy is just one of those people and will, like the others, eat his words and jump into the bitcoin boat instead. He may even be already invested in bitcoin or in other cryptos. But egardless, people like this would be better off being ignored they'll end up learning from their self righteousness one way or another after they humiliate themselves with all the crao they talk about. Don't give the attention he seeks.

I don't believe him . this guy can say this but deep inside he is also a Bitcoin investor like us because no one can ignore the benefits of investing in Bitcoin .
 The interest of humanity Is to get rich and Bitcoin can help us reach that dream .
 How come that is contrary but If there is contrary here that is his words . That's true that there are kidnappings that demand Bitcoins but the case are not big as kidnappings that demand local currencies .

Bitcoin couldn't please everyone and there are honestly lots of people who hate it. They're saying that most criminals use it when in fact, criminals could use even fiat to commit crimes. Those boomers couldn't take Bitcoin down and it will still rise no matter what negative things they might say against it. As long as there are still people who trust Bitcoin, their opinions wouldn't matter.

Is he referring to bitcoin in the year of 2009?  ;D

Bitcoin is unique at the moment, and he sounds like an elderly man muttering about a fact that is no longer relevant because it is too old. Most likely, he simply skipped the bitcoin bubble and is unable to benefit from it. He's like the other person who constantly expresses disapproval of bitcoin because they never invested in it in the first place.

They're too old for this, like Bill Gates, who has expressed concerns that it could result in a massive dump. They should just shut up and concentrate on their company if they can't do anything about it because they're already billionaires. It provides us with financial independence, which most people desire; those who oppose it are simply being selfish. Boomers out please.

One percent’s or the should I say the oligarchies and the two sides ( cryptocurrency leaders ) & the (international finance leaders) know that this one is only a sort of strategy to win their agendas.
Munger and people knows that fiat/money/currencies are also used for illegal stuff and it is stupid to demonized the cryptocurrency with illegal deeds.

On the other hand just to make it a fact, former FBI director posted in public an infographic which shows how Bitcoin and cryptocurrencies being used in illicit deeds dramatically went down to 1%
From 7% on the previous years.

Check the resource below to confirm the fact.

https://www.thecipherbrief.com/report-an-analysis-of-bitcoins-use-in-illicit-finance

These holding companies Warren Buffet and Munger have are the true demons here. They clean and keep the assets of the unknown. They keep assets of the people who really kidnaps and the extortionist. They clean it and grow it like no one could ever imagine.That’s not a secret anymore. People already know how they work.

There was an old saying which is “A man who hates a deed of someone, who hates themselves for doing it.”

I think there are 2 statements:
1. He just made an opinion in order to drop the mentality of ownership of Crypto assets, thus triggering a panic streak and making prices plummet. When the price drops, he will buy it.
2. The delay in Bitcoin knowledge made him feel competitive, and it was clear that he was on a journey to the Bitcoin process, whose initial price is now very much different from the past 5 years.

Rats don't like rat poison, so it is no wonder he doesn't like bitcoin.  On one point, Buffett (and hence Munger) were right when he said bitcoin is "probably rat poison squared".  It is rat poison to cash and authoritarians like him who don't care about the ability of people to keep what they've earned safe from fascists/socialists/communists and any other type of looter who wants to take it.

I assume he missed entering the Bitcoin market and he was trying to FUD Bitcoin.
Old investors cling to their investment ideas and influence the rest.
Bitcoin has a scarcity, a limited supply, and a decentralized network. Bitcoin enjoys the support of the community around the world. People buy Bitcoin because they don't trust the government.
Even stocks or commodities are controlled, regulated and manipulated by the government, but not for Bitcoin. Bitcoin value is created by everyone in the world and it's really fair.

Its quite ironic that this person says that Bitcoin is very useful to those kidnappers and extortionists but he didn't think that even fiat currency has been used in that things too.

Well, we have freedom to speak whatever we want with anything so does he. He shared his opinion with Bitcoin so what? Do we change what we think about Bitcoin now? Do we sell all our Bitcoins because of what he said. Investors right now are more intelligent compare to 2017 where whenever there is a negative news, it heavily affects the price of it.

As always, haters will gonna hate and we just let him hate it. Do we care if he says negative things about it?? Hell no.

John Lennon said that "Don't hate what you don't understand." and this is really applicable in this topic as Charlie Munger is destroying the reputation of bitcoin. Some people are saying that bitcoin is used in many crimes such as scams, hacking, and etc., but they don't know that only bad people are doing that kind of things in crypto.

There are more to explore in bitcoin and Charlie Munger should study and understand it first so that he learn the benefits and advantages of bitcoin.

Well it's because this elites and billionaires are fiat slaves. They will do everything they can to enrich themselves with fiat currency, they are closing their eyes and ear if they see and hear fiat being also used by kidnappers.

Right, he has every right to do so, but not everyone agree, it is unpopular opinion. Maybe they just wanted to become relevant and ride the name of bitcoin.

The right term for him is the word "insecure" because Bitcoin surpasses everything about fiat, stocks, gold, real estate, etc.. which he has and he just can't accept the fact that he wasted his time on the things that I've mentioned while other people did it instantly using cryptocurrency.

To be frankly honest, his opinion about cryptocurrency is the one which is disgusting, and cryptocurrency world doesn't give a damn about him because we don't need people like them.

Warren Buffet is 90 years and Charlie Munwhatis 97 years according what I read, both of this guys are old timers still doing perfectly well in their respective endeavours, crypto is completely new to them and not exactly correlate with their kind of business ideas so they don't find it appealing enough to invest, besides,  it is a thing of this generation so perhaps they will leave it as that. I don't think it has anything to do with insecurity, if they had wanted to, they will do so.

You see, these guys negative comment of Bitcoin will not change anything to the growth of its price in the crypto market because no matter how they deny the good things bitcoin can do, it will somehow emerge and shows that their own perception and manipulation won't mean anything at all. So let them cast their spell or any blabbering they want, the price of BTC in the market will slap them and prove that they are a notorious liars.