Warren Buffett Agrees That Bitcoin Is "Disgusting"

[ChrisPop]

I haven't studied Munger much, but if he is Warren's right hand he should be a respectable person in investment management. With all the respect I have for Buffett, hate and disgust do not have a place in this game. To the objective eye, Bitcoin is a new form of money, while to Buffett and Munger looks like a threat.

I thought with all the life experience these guys possess, they are more open-minded. From my perspective they haven't been too "friendly" with anything relating to technology. I guess old age is indeed affecting flexibility of the mind. I don't know for sure, but I could bet that they haven't even done a proper due diligence of cryptocurrencies and their implications/potential.

[Sithara007]

Nothing new and shocking for me,
Even if Bitcoin is doing well increasing price, Gaining popularity and investors there would always be someone who would hate it and tell this kind of things.
It is how it is there would always be an investor who would hate the new ones because they couldn't catch up to it.

The rich people always want the poor to remain as poor. If everyone becomes rich, then there will be no value for money and on top of that the rich people will not be able to secure cheap labor for their corporations. A perfect example is the richest Australian, a lady named Gina Rinehart. Her net worth is estimated at $36 billion and once she said that her employees should be ready to work for $2 per day (minimum wage in Australia is $20 per hour).

[Yogee]

Hate crypto, but keep buying stocks? Very strange.

Why is that strange? It's exactly what you would expect of a crypto hater. They are either into stocks or gold. Some of them even prefer real estate, bonds and other slow moving investment assets.

[Vishnu.Reang]

Hate crypto, but keep buying stocks? Very strange.

Why is that strange? It's exactly what you would expect of a crypto hater. They are either into stocks or gold. Some of them even prefer real estate, bonds and other slow moving investment assets.

There are three types of investors. The first type comprises high-risk investors and this is the demographic group which is most inclined towards Bitcoin and the other cryptocurrencies. This group is mostly comprised of younger investors, who are tech savvy. Then there is the second group of investors who are mostly comprised of middle-aged people. They are not very fond of cryptocurrency, and are mostly in to stocks and real estate. And then we have the third group, which comprises of people like Warren Buffet. This group doesn't want to take much risk, and limit their investment to low-risk stocks and treasury bonds.

[SystemTrader]

The only reason Buffett & Munger hate bitcoin is because it takes a portion of investment capital away from them. Bitcoin is a new technology & people hate change. Younger people are far more likely to invest in bitcoin than Berkshire Hathaway, that’s the real & only reason they hate bitcoin because it’s taking food off their table.

Just like the dinosaurs, investors like Buffett & Munger are becoming extinct.

Bitcoin is doing to finance what email did to physical letters/mail.

Adapt or die!

I like and respect Warren Buffet a lot. On the other hand, I definitely agree with your point. Looking at the history of finance, we see that finance is always in evolution and in history, there was always some kind of resistance when getting into new phases but it didn't prevent that evolution from happening.

[Weawant]

If you read books regarding finance, you would know that Munger's statement/comment regarding the success of the bitcoin is actually the same reaction the first generation traders had when Fiat has been made and successfully launched. System repeats itself they say and this applies here today. Imagine Warren spending his entire lifetime building his empire while Bitcoin made it for a very short period of time? That's an insult to him. Munger in the other hand spend all his life becoming an underwing in order to reach the corporate ladder's top then Bitcoin investors did it for just a quick snap? Hope this perspective can help.

Hate would be a natural reaction if someone feels threat. Fiat and stocks are the assets Bitcoin gives threat with. Both of these assets are the bread of Munger and Buffett so we have to understand why they feel what they feel and them being against Bitcoin. You will never be able to teach and old dog a new trick and validation from Warren is actually not a thing. His statement will never change the success we have in the Bitcoin community.

[Alucard1]

This is not new, some people still hate bitcoin it is because they are into the traditional way, they prefer the traditional way than to adapt to the changes of the world, we are now in the modern world and cryptocurrency is well known by a lot of people, those who are young are now into cryptocurrency y unlike to those old people who ate not good in technology so they might choose the traditional way or the fiat currency over crypto.

[Ryker1]

Well, the civilization’s agenda mentioned by Munger is actually something that we don’t really want.
Imagine that? Who the hell would accept their way where people can become oligarch and that is only 1% of them. Then the rest are we who serves them? Rat-poison they said? Maybe they are right, --they are the rats who are scared of it. However, Warren Buffet is old enough to adapt cryptocurrencies though, so I guess on this part we are currently outplaying/outsmarting their traditional way of living. They are just scared since they do not have time to spend mastering the craft of today. I think that is where they become irrational.