Beautiful Virgin Islands

Wednesday, Jul 23, 2025

Berkshire Hathaway's Munger Blasts Bitcoin as 'Contrary to Interests of Civilization'

Berkshire Hathaway's Munger Blasts Bitcoin as 'Contrary to Interests of Civilization'

This year, the world's largest cryptocurrency experienced a meteoric rise, topping higher than $62,000 per coin in April, as companies ranging from Tesla to big Wall Street banks helped to introduce bitcoin to the mainstream, so now the famous crypto has a market capitalization of $1 trillion.

With bitcoin's record-breaking run over the last few months, Berkshire Hathaway Vice Chairman and worldwide known investor Charlie Munger's discontent for the digital asset has only grown, he said on Saturday at Berkshire’s annual shareholder meeting.

"Of course I hate the bitcoin success," the 97-year-old Munger said."I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth, nor do I like just shuffling out of your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air."

He continued by saying that he thinks "that the whole damn development is disgusting and contrary to the interests of civilization," to put it "modestly."

Berkshire's CEO Warren Buffett, who had previously ignored the question about bitcoin, said in response to Munger's comment, "I'm alright on that one." The "Oracle of Omaha" said he didn't want to comment on the digital token specifically because he did not want to annoy anyone who is long.

Some businesses and government officials are turning to bitcoin as a reserve investment. Tesla recently placed a $1.5 billion bet on bitcoin and now recognizes it as a form of payment for its vehicles. Meanwhile, Goldman Sachs and Morgan Stanley are looking to provide bitcoin exposure to their high-net-worth clients.

The latest comments are not the first time Munger has slammed the much-hyped cryptocurrency, as he has long chastised bitcoin for its high volatility and lack of regulatory oversight. At the Daily Journal's annual shareholders meeting in February, Munger said that bitcoin is too risky to be used as a medium of exchange.

"It’s really kind of an artificial substitute for gold. And since I never buy any gold, I never buy any bitcoin," Munger said. "Bitcoin reminds me of what Oscar Wilde said about fox hunting. He said it was the pursuit of the uneatable by the unspeakable."

According to Coin Metrics, bitcoin last traded above $57,000, up from about $30,000 at the start of 2021.

The world's most famous cryptocurrency operating on a blockchain has the benefit of avoiding the drawbacks of centralized currencies, such as inflation and financial crises, enthusiasts claim. The bitcoin digital currency has a 21 million-unit supply cap. Nearly 18.6 million blocks have already been mined, and experts predict that mining will continue for another 120 years as new blocks become more difficult to produce.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
×