Warren Buffett Agrees That Bitcoin Is "Disgusting"

[Leviathan.007]

The transient rise in the price of bitcoin has attracted many former critics of cryptocurrencies. This is definitely not the case when it comes to Berkshire Hathaway CEO Warren Buffett and his right-hand man, Charlie Munger.
Munger said he hated the success of Bitcoin during the annual Berkshire shareholders' meeting on May 1. He added that all this progress and development is disgusting and contradicts the interests of civilization:
"Of course, I hate the Bitcoin success. I should say modestly that I think the whole damn development is disgusting and contrary to the interests of civilization, and I’ll leave the criticism to others."
While the Oracle of Omaha avoided asking about bitcoin, he agreed with Munger sharply: "I agree with that."
In May 2018, Warren Buffett called Bitcoin "rat poison."

Hate is irrational
These comments inevitably came under fire from the cryptocurrency community. Cryptocurrency economist and analyst Alex Krüger tweeted that hatred of money management was unreasonable:
"Munger's approach to coping with Bitcoin's success is hate. Can't be rational when hate is involved. Money managers that don't adapt to technological changes have a hard time outperforming."
Munger tends to speak very seriously about his contempt for the field of cryptocurrency as well as theoretical stocks. According to U. Today, the 97-year-old billionaire compared bitcoin and Tesla to "a lice and a flea" at the company's annual meeting in February.

Source: https://u.today/warren-buffett-agrees-that-bitcoin-is-disgusting

[LFC_Bitcoin]

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!

[tranthidung]

Bitcoin and cryptocurrencies are for younger generations and I don't see anything weird if old investors like Buffet does not have interests in Bitcoin or cryptocurrencies.

They have their era and rules. Naturally, the elderly have their rules that you can not change. They are too conservative but I agree that if they can not learn something new (because of their ages), don't invest. Buffet does not break his rules and his risk management strategies can be useful for us as investors.

The pandemic, Buffet withdraw investments and capital from Air-companies and won't have plans to invest in such companies in the near future. I agree with this decision too. When you are uncertain about future, close your position and keep your capital.

The bear market in 2018 to 2019 is a period to read and digest his lessons, personally I learned a lot from Buffet and the latest bear market.

[Kakmakr]

The transient rise in the price of bitcoin has attracted many former critics of cryptocurrencies. This is definitely not the case when it comes to Berkshire Hathaway CEO Warren Buffett and his right-hand man, Charlie Munger.
Munger said he hated the success of Bitcoin during the annual Berkshire shareholders' meeting on May 1. He added that all this progress and development is disgusting and contradicts the interests of civilization:
"Of course, I hate the Bitcoin success. I should say modestly that I think the whole damn development is disgusting and contrary to the interests of civilization, and I’ll leave the criticism to others."
While the Oracle of Omaha avoided asking about bitcoin, he agreed with Munger sharply: "I agree with that."
In May 2018, Warren Buffett called Bitcoin "rat poison."

Hate is irrational
These comments inevitably came under fire from the cryptocurrency community. Cryptocurrency economist and analyst Alex Krüger tweeted that hatred of money management was unreasonable:
"Munger's approach to coping with Bitcoin's success is hate. Can't be rational when hate is involved. Money managers that don't adapt to technological changes have a hard time outperforming.   "
Munger tends to speak very seriously about his contempt for the field of cryptocurrency as well as theoretical stocks. According to U. Today, the 97-year-old billionaire compared bitcoin and Tesla to "a lice and a flea" at the company's annual meeting in February.

Source: https://u.today/warren-buffett-agrees-that-bitcoin-is-disgusting

Warren Buffett and Charlie Munger is butt hurt because all the money going into Crypto currencies... are money not going into Berkshire Hathaway ....so it is just natural that they would hate the competition.

These guys wealth are dependent on the amount of money that are invested into the shares and stocks that they have in their portfolio... and Bitcoin are taking investor money away from that.

The Age of old money and rich old farts are ending... and they know it.  

[Oshosondy]

There are many bitcoin critics, that is how I know being rich does not mean to know all, old people will like the old ways, bitcoin is a new way which old people will not like, but as these people are so critic about bitcoin, bitcoin is still making the progress, bitcoin reached marketcap of over $1 trillion this year, even after the so called critics has never stopped criticising about bitcoin, the criticisms are not just the reality, the true value of bitcoin has resulted in bitcoin progressing. Let the critics continue, bitcoin will always appreciate in value.

[btc_angela]

We have to understand where these two are coming from, yes they made a lot of money investing, but they are old and traditional fart as far as I'm concern. And obviously, they don't like to take that big risk in crypto that's why they keep on attacking it even if if will reach $1 million.

They have closed they eyes and minds already, so whatever we say to convince them, they won't adapt and invest on bitcoin, simply as that. I thought that Buffett won't come up with something news since the "poison rat" attack, but he level up again, calling bitcoin "disgusting".

[cabron]

He's really going to hate Bitcoin for what he had been building for years that he reached 97 is crumbling because the money in that market is flowing going to crypto markets.  Everything is changing yet these two are left behind.

In the future, mainstream media is going to be discussing crypto markets, these two will likely not going to be mentioned anymore as relevant. 

[Lucius]

It is completely pointless to discuss WB and its friends at all, because these people have been talking negatively about Bitcoin for 7+ years and nothing has changed until today. I don't care at all what he thinks about Bitcoin, why is his opinion important to someone on this forum?

WB is a dinosaur whose time is almost up, and the only thing in the whole story is disgustingly his blind greed for money - ordinary people retire sooner or later and enjoy what they have achieved in life, playing with grandchildren or going fishing - he just wants another billion more in the account.

[20kevin20]

He's an old man who only pretty much cared about making profit all his life. How are we supposed to expect something better than this coming from the mouth of a billionaire who's worked with centralized systems all his life, a man who's grown his portfolio up on those things? They're losing control over what's going on with BTC.. of course they hate it! But who cares really?

[bryant.coleman]

One thing I don't understand is why everyone here in Bitcointalk is giving so much importance to Warren Buffet. Is it because he hates Bitcoin so much? We  Bitcoiners have a tendency to ignore those who support us, and give importance to those who hate us. And this is exactly what is happening with Warren Buffet. His hatred towards Bitcoin is simply irrational and results from the fact that he couldn't digest the fact that an asset which he derided has become so successful. Common Bitcoiners, please be aware of your strengths. We have a combined market cap of $2.2 trillion, which is more than 4 times higher than that of Berkshire Hathaway. Don't tarnish the reputation of the cryptocurrency sector by begging in front of Buffet.

[Anonylz]

There are many bitcoin critics, that is how I know being rich does not mean to know all, old people will like the old ways, bitcoin is a new way which old people will not like, but as these people are so critic about bitcoin, bitcoin is still making the progress, bitcoin reached marketcap of over $1 trillion this year, even after the so called critics has never stopped criticising about bitcoin, the criticisms are not just the reality, the true value of bitcoin has resulted in bitcoin progressing. Let the critics continue, bitcoin will always appreciate in value.

Buffet fall into the category of those old folks who don't find this new age technology interesting enough to be part of, maybe he feels the whole btc idea is too complicated for him to grasp or just plain mad he does not have control over it,
Using the word 'disgusting' sounds too harsh for something he never spared a moment to understand, admitting he hate the btc success does says a lot though (I sense jealousy). This guy will probably remain negative towards btc irrespective of what success btc achieves.

[kryptqnick]

They hate is because they're losing real and potential profit. They're losing real profit when more people are switching from the traditional market towards Bitcoin because there's fewer dynamics with the stock and fewer interested customers. Likewise, they're losing tons of potential profit that they could've made had they been less stubborn about Bitcoin. It's a huge investment opportunity people like Buffett keep missing, so of course they'd want Bitcoin to go down and stop being so popular, so that they can finally do the "I told you so" thing. But it's indeed irrational to miss out of Bitcoin like that, even if profit is all they care about.

[mk4]

They don't understand tech. And especially knowing that Bitcoin isn't just some typical tech business, but instead is an actual protocol, do you guys really think they would grasp it? We should be nothing but unsurprised lol.

[AsiaHODL]

I am a huge Buffet fan. And also a very successful value investor.

At this point Charlie, whilst funny, is almost partially senile.

Buffet is a little sharper. He gets it. And he has remained much more silent on this point. They both know they would look foolish now if they flip to accepting BTC. They also know the "cache" that any BTC endorsement from them would carry.

If they were to buy to BTC, they would keep it quiet and then disclose later. It would be a mindblowing successful investment if they did it, and then disclosed, Think micro strategy on steroids and with cocaine. They could easily acquire 10 Billion or so with stealth and turn that into a 25% or so gain once they disclose their purchase.

The younger guys at Berkshire may well do this once the oldies retire or eventually die.

A first step might be to buy Coinbase, which is far easier to justify. Stat tuned!!!

[Wexnident]

Hey, it's like making that certain someone use the computer to actually let it do the work, making stuff easier but instead refuses to do so and makes you do it his own way since he wants to. People who hate on Bitcoin will continue hating on Bitcoin no matter what, especially if it's been this long and the proof of Bitcoin being greater is, well basically itself already. No matter the reason they have, as long as they hate it, then they hate it, but their reasoning I suppose certainly isn't with Bitcoin stealing their money, nope certainly not .

If they were to buy to BTC, they would keep it quiet and then disclose later. It would be a mindblowing successful investment if they did it, and then disclosed, Think micro strategy on steroids and with cocaine. They could easily acquire 10 Billion or so with stealth and turn that into a 25% or so gain once they disclose their purchase.

Could've stayed silent while investing in Bitcoin ngl.

[avikz]

A 90 year old man with a net worth of 73 billion USD. So he doesn't need to understand bitcoin in whatever way you may want to think. He has done great in his career and still achieving milestones in his life. He simply can overlook bitcoin or whatever new that is coming his way! He simply doesn't need to be bother about bitcoin.

Also he very well understands that bitcoin can seriously challenge the dominance of today's banking system. So hating bitcoin is a part of his job because he built his empire on the current financial scenario. I will let tmhis comments pass because he literally means nothing anymore for crypto ecosystem.

[Yogee]

... contrary to the interests of civilization, and I’ll leave the criticism to others."

This is the second time I've read this but the phrase got my attention just now. It looks like they expected "civilized" people to follow their footsteps. They are filthy rich and successful but when did they become the arbiter of civilization? They do not want others to follow innovations?

[serjent05]

It seems Warren Buffett's ego is hurt.  He so loves to see Bitcoin fail to show the world that he is right on what he thinks about Bitcoin but sadly it looks like the market has proven him wrong.  He believes that he is all-knowing when it comes to financial investment and people will follow his belief about Bitcoin but many did not.  Even institution hops in. Well, at least he admitted that Bitcoin is successful so far.

[int03h]

Warren Buffet is a successful value investor. He only invests in companies he is confident he knows well. Very rarely does he invest in tech companies. That's why he regretted not buying Google stock. Currently he only holds shares of Apple.
Obviously he doesn't understand how money and technology combine. He made a subjective assessment of Bitcoin.
His silence since Justin Sun's lunch with Warren Buffet, maybe Buffett's thoughts have changed.

[cr1776]

First, I will say Buffett is right about bitcoin being rat poison, which is why rats like him don't like it.

What is contrary to the interests of civilization is authoritarians and those who support their power hungry motives, those who are willing to sell everyone else out to a 3 to 3000000% annual invisible tax (inflation) and those who don't like giving individual people the power (and right) to control and own the value that they create; those don't think that people should have the right to the products of their own lives without it being subject to the whim of the masters they want in power where you own nothing by right.

Buffett and Munger have lost it.  They are two power hungry people who don't care about anyone else and are willing to sell everyone else down the river to support their masters around the world.  Their goal is a socialist dictatorship since they think they'll be exempt (or dead) while everyone else will pay.  They have sold their souls to be in good graces with the so-called elites.