Charlie Munger: Bitcoin Is Worthless Artificial Gold | CNBC



Berkshire Hathaway CEO Warren Buffett, Vice Chairman Charlie Munger and Microsoft Co-Founder Bill Gates speak to CNBC’s Becky Quick about bitcoin and cryptocurrencies.
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Charlie Munger: Bitcoin Is Worthless Artificial Gold | CNBC

Berkshire Hathaway Vice Chairman Charlie Munger went after bitcoin again on Monday, doubling down on remarks he made about the digital currency over the weekend.

“Bitcoin is worthless, artificial gold,” Munger told CNBC’s “Squawk Box.” “Now that is not something I think the world needs.”

“The fact that it’s clever computer science doesn’t mean it should be widely used, and that respectable people should encourage other people to speculate on it,” he said. “Bitcoin reminds me of Oscar Wilde’s definition of fox hunting: ‘The pursuit of the uneatable by the unspeakable.'”

Munger went after the popular cryptocurrency at the Berkshire Hathaway annual meeting on Saturday, calling it a “turd,” adding that trading cryptocurrencies is “just dementia.”

His partner, Warren Buffett, also commented negatively on bitcoin on Monday, saying it is an asset that does not create anything.

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124 Thoughts to “Charlie Munger: Bitcoin Is Worthless Artificial Gold | CNBC”

  1. Hello There

    If you think Bitcoin has value because it will replace the dollar or because it's "like" gold, you're stupid and know nothing about Bitcoin.

  2. A one legged man

    Bitcoin is not an investment. I like crytos as currencies not investments.

  3. Helen B

    bitcon is a set up. notice I did not say bitcoin.

  4. bluez032

    Bitcoin is a form of cash and no serious investor invests in cash. The trick is to use cash to invest in something else since cash is perceived to be something unreliable since it is constantly subject to manipulation and inflation. Real estate, stocks and shares are seen as better hedges against inflation. But if course not all of them. Only some of them.

  5. khatack

    I love bitcoin. Bitcoin was an awesome thing that robbed idiots of their money and gave it to a few lucky opportunists. I never bought Bitcoins because when I learned of its existence, the price was already going up like mad and I knew that it would eventually come crashing down.

  6. PRO HEN

    You got billionaires telling you people who are lucky to have $20k that it's crap and you're like these billionaires don't know what they're talking about. They didn't get to be billionaires buy being dumbasses.

  7. Bader Bouta

    Here comes some 94 year old man, who happens to be Warren Buffets right hand for decades, who both, have completely failed to invest into all the big tech companies of the late 90's and early 2000's, who then both say that it was a mistake, who now come and say that Bitcoin is worthless, lmfao.

  8. Jonelle Soriano

    No one knows what tomorrow brings! I hope the LEDU COIN that I bought will rise and be known to everyone

  9. Malcolm Key

    This video came out right around the Consensus Conference in NYC. Guess who had the largest space at the conference? Microsoft. These three had to do this as a favour to their bank buddies. Crazy when you think these guys are owned by someone esle

  10. gopalonline

    Bitcoin going to 100$ soon

  11. Android User

    A scumball activity…

    Ok, Charlie. Enjoy living another 5 years, tops. You're an obvious genius.

  12. domjal

    The real problem with BC is that we still don’t know who for sure is behind it’s creation.
    Is it one person,a group of very smart teens,a secret organization or government with agendas of their own?
    Whom ever they/it are, deserve some kind of achievement award for convincing people to buy into the idea of basically buying a mathematical algorithim that a computer created.

  13. Jens Petter Lund

    Wow, so many ppl in this comment section sitting on losses or what?

  14. TheGuy123321

    devil take the hindmost

  15. Surya 676

    All these kids here thinking they are smarter than these men. Lol. Do you really think these people dont understand bitcoin.

  16. Surya 676

    If the people who own the most BTC decide one day to sell it. Wont that make them just as manipulative as the banks these people hate. Blockchain is a great tech but Bitcoin seems off and its value in the hands of few rich people who bought it early.

  17. Garry Kusch

    Munger looks like he's already embalmed.

  18. Chris V

    All these fools here.. unbelievable. Do you really think you know better than 3 billionaires because you've studied how crypto works? First of all bitcoin or any coin is NOT a value producing asset. And even if it's considered a currency(not an asset), why would central banks and governments ever approve it as a legal currency? believe me, they WON'T. They would most definitely create their own currency (crypto dollar)
    Like Warren Buffet said, if you cannot handle critics then you are gambling. People with crypto's are full of hopes and try to talk it right.

  19. WillBendingSteel

    Bitcoin IS Rat poison so the <Rats are scared !!! and they should be, the tables are turning 😉

  20. Aaliyan Zahid

    The envy and reward/punishment superresponse tendency.

  21. Aaliyan Zahid

    Guys, he's the guy behind Coke. He's worth listening(who am I to ignore warnings and advices of world's greatest thinkers? a mere converted self-promoter of bitcoin revolution). guys, I've studied Computer Science behind bitcoin and it's nothing but old cryptography combined with clever computer algorithms. This is nothing new. Bitcoin is just a scam, pyramid marketing program to promote ideas that have been on Earth for the last 3000 years or so.

  22. vambo13257

    Gates is the Demon seed

  23. Eline Courtney

    I learned a lot, I want to leave you a tip, do you have a tipwithcrypto link?

  24. TheGuy123321

    580 millenials downvoted this video

  25. B M

    I've watched Bill Gates on a lot of different programs and in certain situations, his body language is very revealing. He seems to be either lying regarding his position in bitcoin, or at least uncomfortable discussing it.

  26. MrMickey

    These people are liars, they hold tons of crypto. However it is cutting into the bottom line of the archaic things they are invested in – the old system. They talk against it to gain a better position because they know where it is headed. The fact that they are talking about it speaks volumes, they understand how markets work and how to manipulate a small market.

  27. CHACE

    Anyone that believes in Bitcoin would've bought Yahoo back in the dot com bubble. Obviously blockchain technology has a potential to be something huge. But lol Bitcoin

  28. phototristan

    To those thinking about downvoting this- Charlie Munger is richer than you so is Bill Gates and Warren Buffet.

  29. klaas vaak

    Gold is worthless physical bitcoin

  30. u mudder pucker

    I agree with these guys. The only crypto coin that is actually producing anything from their crypto coin is coin poker. Out all those coins its the only one I saw here the coin itself has value. The rest can be replaced or will be replaced by usd in the future for their business models.

  31. Ron McKown

    If you're interested in the future, you won't find it listening to the opinions of these successful 80+ year old men, especially when it comes to technology topics like bitcoin and crypto currencies/assets.

    REPLY

  32. taijiangah

    2:18 Pretty sick burn to all the people thumbing down lol

  33. DrPaul4justice

    “The pursuit of the uneatable(bitcoin) by the unspeakable”.. lol…munger just called all bitcoin buyers unspeakables..
    Humans become so evil when their interests are threathened.. these 3 men are a perfect example..

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