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Charlie Munger on crypto: ’the whole development is disgusting’

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At the annual Berkshire Hathaway shareholders meeting live streamed on Yahoo Finance, Warren Buffett and Charlie Munger address the crypto market now being valued at $2 trillion.

Video Transcript

- Now that the crypto market overall is valued at $2 trillion, do you still consider cryptos as "worthless artificial gold"?

WARREN BUFFETT: [SNICKERS] I knew there'd be a question on Bitcoin or [INAUDIBLE]. And I thought to myself, well, I've watched these politicians dodge questions all the time. And I always find it kind of disgusting, but they do it.

But the truth is I'm going to dodge that question, because the-- we've probably got hundreds of thousands of people watching this that own Bitcoin and we've probably got two people that are short. So we got a choice of making 400,000 people mad at us and unhappy and-- or making two people happy. And that's just a dumb equation.

So I thought about it. We had a governor one time in Nebraska and-- long time ago. But he would get a tough question, you know, what do you think about property taxes or, you know, what should we do about schools? And he'd look right at the person. And he'd say, I'm all right on that one.

[LAUGHTER]

And he'd just walk off. Well, I'm all right on that one. And maybe we'll see how Charlie is. [LAUGHS]

CHARLIE MUNGER: Well, those who know me well are just waving the red flag at the bull.

[LAUGHTER]

Of course, I hate the Bitcoin success. And I don't welcome a currency that's so useful to kidnappers and extortionists and so forth. Nor do I like just shuffling out a few extra billions and billions and billions of dollars to somebody who just invented a new financial product out of thin air. So I think 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.

- [LAUGHS]

WARREN BUFFETT: I'm all right on that one.

[LAUGHTER]