U.S. Markets open in 1 hr 58 mins

  • S&P Futures

    3,902.00
    +4.25 (+0.11%)
     

  • Dow Futures

    31,241.00
    +39.00 (+0.12%)
     

  • Nasdaq Futures

    11,838.00
    -40.25 (-0.34%)
     

  • Russell 2000 Futures

    1,771.50
    -3.40 (-0.19%)
     

  • Crude Oil

    110.35
    +0.46 (+0.42%)
     

  • Gold

    1,845.10
    +3.90 (+0.21%)
     

  • Silver

    21.87
    -0.03 (-0.13%)
     

  • EUR/USD

    1.0562
    -0.0026 (-0.2429%)
     

  • 10-Yr Bond

    2.7870
    -0.0680 (-2.38%)
     

  • Vix

    29.43
    +0.08 (+0.27%)
     

  • GBP/USD

    1.2495
    +0.0020 (+0.1587%)
     

  • USD/JPY

    127.8500
    +0.0560 (+0.0438%)
     

  • BTC-USD

    29,559.55
    +260.62 (+0.89%)
     

  • CMC Crypto 200

    650.34
    -23.03 (-3.42%)
     

  • FTSE 100

    7,389.98
    +87.24 (+1.19%)
     

  • Nikkei 225

    26,739.03
    +336.19 (+1.27%)
     
WEF 2022:

Yahoo Finance is in Davos! Get the latest updates here

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

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

In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • KO
  • BRK-A
  • BRK-B
  • ETH-USD
  • LTC
  • AAPL
  • BTC-USD

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]

Recommended Stories

  • Nvidia stock in focus ahead of earnings

    Yahoo Finance's Dave Briggs discusses what to expect from Nvidia earnings.

  • Billionaire Steven Cohen Bets Big on These 2 High-Yield Dividend Stocks

    The markets these days are flashing warning signs for investors. High inflation and slowing GDP growth threaten a return to the stagflation of the late 70s, while China’s strict anti-COVID lockdowns and the Russia-Ukraine war are working together to keep supplies of oil, food, and manufactured goods short, supply chains tangled – and prices high. In short, it’s an investment environment that cries out for defensive plays. Dividend stocks are clear choice for investors looking to buy in. Their ap

  • The Fed must boost rates by a full percentage point at every meeting to bring down inflation and avoid a job-killing recession

    The Fed is still not doing nearly enough to shrink the money supply and reduce excess demand for labor, energy, metals, houses, and other goods and services.

  • 3 Pipeline Stocks To Watch As Permian Ramps Up Gas Output

    The Permian Basin is preparing to unleash a torrent of gas to meet exploding LNG demand, and the pipeline industry could benefit in a big way

  • Tech stock sell-off ‘feels different’ than dot-com bubble, strategist says

    Fitz-Gerald Group Principal Keith Fitz-Gerald sits down with Yahoo Finance Live to discuss the ongoing tech sell-off, how it may affect Elon Musk's acquisition of Twitter, the ripple effect surrounding Snap, and similarities to the dot-com bubble.

  • Down More Than 30%: Insiders Call a Bottom in These 3 Stocks

    Despite brief periods of respite, the markets have mostly trended south in 2022, with the NASDAQ’s 28% year-to-date loss the most acute of all the main indexes. So, where to look for the next investing opportunity in such a difficult environment? One way is to follow in the footsteps of the corporate insiders. If those in the know are picking up shares of the companies they manage, it indicates they believe they might be undervalued and poised to push higher. To keep the field level, the Federal

  • Cathie Wood Watch: Ark Reverses Course on Electric-Vehicle Titan Tesla

    Asset manager Cathie Wood also bought shares of her flagship fund's No. 3 holding and shares of a cryptocurrency exchange.

  • Why Micron, AMD, and Nvidia Stocks Retreated Today

    Two months ago, computer memory maker Micron (NASDAQ: MU) reported its financial results for fiscal Q2 2022, and the news was incredible -- sales were up 25% year over year, and net profits more than tripled. Three weeks ago, semiconductors specialist Advanced Micro Devices (NASDAQ: AMD) reported some earnings of its own, and again the news was great -- sales up 71% and profits rising 42%. Heading into earnings day, Nvidia stock is down 5.3% at 11:10 a.m. ET Tuesday, and investor worry is beginning to bleed over into other tech stocks.

  • Why Plug Power Stock Plunged Today

    It must be getting increasingly difficult for investors in Plug Power (NASDAQ: PLUG) to hold their nerve. The hydrogen stock sank Tuesday morning and was down by 8.9% as of 1 p.m. ET. With that drop, Plug Power stock has now lost almost 30% of its value in just the month of May.

  • Snap shows ad market's nightmare 'becoming a reality': Morning Brief

    Here's what to watch in the markets on Wednesday, May 25, 2022.

  • In a ‘baby with the bathwater’ market, here are a dozen unfairly punished stocks, ripe for a bounce

    Our call of the day comes from Jefferies analysts, who round up some small to medium-size stocks that have been hit unreservedly hard in this market rout.

  • Should I sell all my stocks and buy back in when the market is lower? Expert Michael Farr says that market timing is 'nonsense' — focus on this instead

    It's all about time in the market. Not timing the market.

  • J.P. Morgan Says Buy These 3 Beaten-Down Stocks for Over 90% Upside Potential

    Last week, the S&P 500 finished Friday’s session with a rally that gave the index a small gain of 0.15% for the day. It was a good thing, too, since the index flirted with a net-20% loss during the session. That’s bear market territory, the kind of market move that will further spook investors after a springtime of headwinds. Inflation is running at 40-year high levels, Q1 showed a net economic contraction, Russia’s war on Ukraine promises to further damage supplies and prices in the food, cooki

  • Scotiabank Announces Dividend on Outstanding Shares

    Scotiabank today announced a dividend on the outstanding shares of the Bank, payable July 27, 2022 to shareholders of record at the close of business on July 5, 2022:

  • Pfizer's Nearly $7 Billion Acquisition Of Arena Pharma Just Paid Off In A Big Way

    Pfizer's nearly $7 billion takeover of Arena paid off Tuesday in ulcerative colitis treatment. The results could send Pfizer stock higher.

  • What Didi’s 'train wreck' delisting means for US-listed Chinese companies

    Didi’s Wall Street ride came to an end less than a year after it began. Just 11-months after making a splash in a $4.4 billion IPO, shareholders made official Monday what has long been considered inevitable, approving a plan to delist its shares from the New York Stock Exchange. While Didi’s shares are formally expected to be delisted next month, Bernstein, who consults Chinese firms looking to list in the U.S, said the ramifications from its tumultuous journey is likely to hang over other firms eyeing an American listing.

  • There’s an Opportunity Brewing in Ford Stock, Says Analyst

    From mega to micro caps, 2022’s stock market has shown little mercy to either the big hitters or small fry, with valuations across the board lying in tatters. Of course, the one positive for investors is you can now load up on shares of companies at what might be considered very enticing entry points. With shares down 40% year-to-date, Tigress' 5-star analyst Ivan Feinseth thinks Ford (F) stock looks particularly appealing right now. Feinseth believes the recent pullback “creates a compelling en

  • These 4 Energy Stocks Are Gushing Cash. Why They’re Worth a Look.

    Oil and gas producers have shifted their business models to prioritize profitability. The new philosophy has helped their stocks and financial results.

  • Why Shopify Stock Was Tumbling Again Today

    Shares of Shopify (NYSE: SHOP) were sliding today as the e-commerce software company was one of several tech stocks to fall in sympathy with Snap (NYSE: SNAP), which warned that second-quarter results would come in below its earlier guidance and blamed a deteriorating macroeconomic environment for the downward revision. As of 1:35 p.m. ET, Shopify stock was down 10.4%, while Snap had plunged 41.9% at the same time.

  • If There’s a Recession Coming, Not Even the Fed Could Stop It Now

    New home sales fell sharply, Americans are still shopping but they are getting more selective, advertising trends are under scrutiny after Snap’s Q2 warning, and other news to start your day.