Warren Buffett Agrees That Bitcoin Is "Disgusting"

[DarkDays]

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.

Exactly right. These people find change unbearable, specially when in this case it would eat away some of their potential profit. BTC and the blockchain technology
can be difficult for some to get to grips with if they don't have a technological background or tech interest.

It is unfortunately the change that is coming, and it is best to start adopting or else it would lead to the death of the old way.  As always, economies grow, thrive and evolve, and the same go for the people leading it.

[eaLiTy]

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:

This is exactly the problem with Charlie Munger who is 97 years old and Warren Buffett who is 90 years old who thinks that they represent the entire civilization. They speculated and made money and that was ages ago and now if they attach the same logic they cannot accept the success. They should be glad that they made their money in the past and the same logic that made them money will not apply every decade . 

[CryptocurencyKing]

For all the critic statement and unsatisfactory expression from both of them @Charlie Munger and Warren Buffet, they were able to recognise and establish one fact and that is, the successs of bitcoin. This i feel was aroused in them the desire to be as successful in there endeavours as bitcoin but hating is the worst way to go about it.

Hate is a strong word and tonhave used it on bitcoin and its success,  it only means they've long been seeing it as a competition that is there to crush them rather than a means of payment for there products. Criticising it for its success doesn't make it any better for them, it only create a mental barrier that hinders them from opening owning investments in bitcoin.

Its a wrong way to go about competition and besides, bitcoin isn't competing with anything. Adopting it as a medium of payment for the company and creating packages that ensures the option is attractive would aid the company and customers more than critics. They've got to wake up to the reality.

[willoweb]

These guys are accustomed to bankruptcy and buying up companies, lending to the population at their own interest rates and presenting low-interest deposit opportunities in their banks. When cryptocurrencies became a part of the daily life of millions of people, these people began to lose customers, moreover, they are simply not competitive with this technology. Unsurprisingly, this is how they feel about bitcoin. But this is even good, since their hatred keeps them away from the market, where they would continue to be speculators and sharks.

[aoluain]

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!

Exactly, they dont understand the technology and they dont need to invest in it
they have made their wealth but I still dont get how they can be so critical even
as LFC_Bitcoin states that it takes a portion of attention away from them.

As an example of the typical comments directed at Bitcoin over the years here is
his latest one, he attacks Tesla too!

This is from the article in the OP.

 

As reported by U.Today, the 97-year-old billionaire compared Bitcoin and Tesla to “a louse and a flee” at the Daily Journal Corporation's annual meeting in February.

Also I created a thread dedicated to the hatred of Buffet towards Bitcoin and his quotes

https://bitcointalk.org/index.php?topic=5308822.msg56078482#msg56078482

[hatshepsut93]

It's better to not expect from people to change their opinions about anything, such things happens very rarely, because people don't like admitting that they were wrong. Warren Buffet will soon be dead and he won't see Bitcoin at the heights of its adoption, so no one would be able to tell him how wrong he was.

I think the fact that so many people in Bitcoin community take Buffet's criticism so close to their hearts shows how many people here are investors first and foremost. I wouldn't criticize them for that, but Bitcoin is not just an asset, it's a movement based cypherpunk ideals.

[hulla]

To be honest, I don't think Warren Buffett's hate or negative statement about Bitcoin should bother us and we shouldn't expect him to like or support the Bitcoin movement because if he does he will lose the trust of his investors. However, his investment capital makes lose lately which Warren Buffett can easily relate it with the doing of Bitcoin since a lot of institutional investors invested in Bitcoin that the reason why he called Bitcoin  "rat poison" but if we look at it, Bitcoin is indeed rat poison to his company.

[davis196]

I kinda understand why Buffet and Munger are hating on Bitcoin.
Those two usually invest in stocks,which means that they invest in companies that actually produce and sell something to the consumers.Bitcoin is not a company or a stock,maybe that's why they don't understand the value of Bitcoin.
I like how he compared Bitcoin and Tesla to "a lice and a flea".This is kinda accurate,even though it's just hating on BTC. Lice and fleas aren't that bad,even though they are horrible for the people.
They can spread pretty easily and they can survive hostile conditions.
I want Bitcoin to spread easily and to survive in a hostile environment.

[pooya87]

Warren Buffet was right when he said bitcoin is rat poison and this rat poison has been suffocating the rats that is why they are screaming their lungs out about bitcoin. Behavior of Warren the rat is expected, specially when you find out that bitcoin (something he claimed has no value) is worth more than his empire. In fact it surpassed it about 6 months ago when its price was about $30k! Now bitcoin is worth twice that

[lifeforcepools]

Hate crypto, but keep buying stocks? Very strange.

[Lucius]

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?

I think the reason is that for most he is a kind of role model for how to get rich, and people actually respect his wealth and the way he earned it. The fact that he doesn't like Bitcoin is simply incomprehensible to them, so they are still surprised that he doesn't change his mind - as if that would mean something looking at the big picture.

We realized long ago (at least some did) that it shouldn't matter to us what just one man thinks, whether his name is Buffett, Gates or Trump - Bitcoin would never succeed without the millions of individuals who support it - that's the real strength of a community that obviously bothers some - Divide et impera (divide and rule) strategy does not work the way some powerful people envisioned it. The mirage is still there, and the US dollars are worth less and less which causes great frustration for the WB and people like him.

“Stay away from it. It’s a mirage, basically

[Altcoinsintel]

As long as they keep discussing Bitcoin, they are doing Bitcoin a favor. I am glad to see Buffett trying to discredit Bitcoin and I'm always happy when Bitcoin is mentioned by investing celebrities, even when this is for the wrong reasons. I don't expect this asset to be seen as productive by Buffett, so I'm glad he isn't investing in it or switching sides. In fact, if he one day turns and finds Bitcoin interesting, that would be alarming.
We are somewhere near the end of the bull run, and Bitcoin can rise more and then crash. When it crashes 80% from the top, it will still be higher from previous all-time highs, and when all haters will be having a party telling us how right they were.

[isaac_clarke22]

They just can't accept it that is why all they can do, like you mentioned on how to cope up with the success and attention that Bitcoin got, is hate.
One businessman/investor destroying another investment through words is just the way to go, cause they can't do crap.

Thing is business would destroy other businesses in order to dominate. Bitcoin ain't even some sort of business, it is a coin. Buffett couldn't just buy one because he can't entirely own Bitcoin.

[gurunanakji777]

They should change by the time they should not hate Bitcoin even there are many other critics as well. Their hatred towards BTC can not affect the BTC. I respect them and I agree they are masters in their fields and Bitcoin is based on new technology and by the time one should change and change his perception according to the technology. Nothing can be changed by their hate. Whatever they said we should not worried about it.

[DooMAD]

Slightly off-topic, but:

Buffett and Munger have lost it. (...) Their goal is a socialist dictatorship

I was with you up until that point.  Huh?  I'm going to need a step-by-step on the thought process there.  When I think of people pushing socialist agendas, I tend not to find myself instinctively including hedge fund managers, banksters and the directors of large multinational holding companies. 

Is this one of those curious libertarian "anyone-who-wants-to-control-money-is-a-socialist" notions?  I think you'll find it's what you choose to do with the money that determines whether you're a socialist or not.

[dificanovi]

On the other hand, I see some people who insult and scold bitcoin, I think they say that because they don't hold large amounts of bitcoin when the price of bitcoin goes up. On the other hand, I also see among those who praise bitcoin because it has helped their economy when the price of bitcoin is rising. in the crypto market who has a lot of money then they will buy bitcoin or altcoin then they can control the price of the coin they buy, if you have a lot of money then you are the ruler.

[serjent05]

On the other hand, I see some people who insult and scold bitcoin, I think they say that because they don't hold large amounts of bitcoin when the price of bitcoin goes up.

I think they just can't digest how the Bitcoin market is processed.  People tend to either hate or accept technology and sadly those who don't understand them chose to hate them than learning them.  In other cases such as when they learned that they were at fault and they are mistaken, they just held on to their ego than admitting that they were wrong.  I believe this is what happens to Warren Buffett.

[Fortify]

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.

These two men are very intelligent people and arguably the greatest investors in history, so it is worth giving their words some credit - even if they could be a bit more delicate about describing it. In the past they have famously stated their strong aversion to technology stocks and this feels like an extension to that way of thinking. In some respects they have incentive to discourage cryptocurrency usage because it eats into the margins of their credit card companies, I think they have large holdings in American Express and possibly Visa too. In fairness to them, Bitcoin by its very nature offers a lot of anonymity and this is what they are most disheartened about. While the average honest holder of Bitcoin would not care less, their are plenty of criminals around the world who abuse that feature to the detriment of wider society and this is what they seem to be so concerned about. It feels like they also take a veiled pop at Elon Musk in one of their comments about billionaires manipulating cryptocurrencies to make easy gains and that is definitely right.

[totaleclipseofthebank]

He is just a old man after all. He just cant accept the new innovation of the world. Even if bitcoin is adopted and used widele, he would be dead by then. Therefore, he does not need to give a damn about it

At least he just admit he was wrong for selling apple stock

[acener]

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.