Munger : Crypto community lashes out at Buffett, Munger for harsh criticism

New Delhi: Legendary investor Warren Buffett and his partner Charlie Mungers, have once again criticised the Bitcoin and cryptocurrencies, for not being a productive asset.

At the Berkshire Hathaway Annual Shareholder meeting, the billionaire investment guru said that he will not buy all the Bitcoins available even for $25.

Berkshire Hathaway’s vice chairman Charlie Munger, also repeated his well-known derision of Bitcoin and cryptocurrencies. The community has responded to the criticism with hatred of its own.

“In my life, I try and avoid things that are stupid and evil and make me look bad in comparison to somebody else – and Bitcoin does all three,” Munger said. “In the first place, it’s stupid because it’s still likely to go to zero.”

According to industry players, Buffett has not been a big admirer of technology. Berkshire Hathway invested in Apple, its first tech investment, in 2016. Interestingly, Buffett considers Apple as a consumer company, and not a technology company.

Dileep Seinberg, Founder and CEO, MuffinPay, a utility token said that the world is divided between believers and non-believers of the new medium of transactions.

“Eventually, it will evolve in a manner software industries have grown over decades which does not produce anything tangible like real estate or physical products,” Sienberg added.

Both Buffett and Charlie Munger have made hostile comments toward bitcoin in the past. Most famously, Buffett said bitcoin is ‘probably rat poison squared.’ Munger doubled down on that sentiment.

Market participants said that critical and harsh comments from Warren Buffett and Charlie Munger are in line with their investing ideologies. Both of them have been vocal opposition for the crypto industry and this is no exception.

The only way for the industry to win over Buffett and Munger is to take crypto mainstream, get legal acceptance from the regulatory authorities globally and showcase its use case in more ways than today, said Arijit Mukherjee, Founder, Yunometa.

The crypto industry has taken a serious offense from words of legendary investor and taken his views on remand lately. They have openly called out Buffett’s and Munger’s views.

Pratik Gauri, Founder and CEO, 5ire lashed out at the investors and asked if the duo has solved any one of the top-17 sustainable development goals (SDGs), which are a global agenda as of today.

According to the market experts, the rapid innovations and a tectonic shift from a profit-centered approach to a benefit-centered mindset will deliver the earth from the grip of the conglomerates.

“The old guard at the helm of the industry that created the current sustainability crisis are venting their frustrations at something they neither understand nor can control,” said Gauri. “Most of the rapid innovation occurring is happening in the crypto space.”

Abhay Sharma, CMO, MetaOneVerse said that Bitcoin gained acceptance among a section of investors across the world in recent years, but Warren Buffett remains doubtful of bitcoin. “People, who support it, continue to see enormous potential for its use as digital cash.”

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