Charlie Munger hating on bitcoin

[dothebeats]

"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.

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.

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[Lanatsa]

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?

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.

[Poker Player]

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.

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.

[Alucard1]

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.

[isaac_clarke22]

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.

[Newlifebtc]

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?

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

[Obito]

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.

[Fundamentals Of]

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.

[Vatimins]

     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.

[imstillthebest]

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 .

[Cling18]

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.

[finaleshot2016]

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?

Is he referring to bitcoin in the year of 2009? 

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.

[Weawant]

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.”

[mbe48]

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.

[cr1776]

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.

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?

[ampu]

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.

[LogitechMouse]

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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.

[AniviaBtc]

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.

[Yaunfitda]

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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 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.

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.

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.

[AicecreaME]

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.