Home Videos Charlie Munger: Bitcoin Is Worthless Artificial Gold | CNBC

Charlie Munger: Bitcoin Is Worthless Artificial Gold | CNBC

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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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27 Comments

  1. R8x

    December 2, 2019 at 11:49 am

    lol…why I'm not surprised about the like/dislike ratio. Butt hurt hodlers? The blockchain might be an interesting technology but shown to be pretty much useless as a payment system because it's terrible scalability. There are better technologies out there that maybe better suited for this job. Bitcoin on the other hand is, like Munger said, useless crap.

    Reply

  2. Stan G

    December 11, 2019 at 2:44 pm

    I saw a lot of young boys think they know more about technology than Bill Gates. You gotta wonder what these geniuses are doing on YouTube.

    Reply

  3. Luis Becerra

    December 13, 2019 at 5:04 am

    Yet it has been the best performing asset for years.

    Reply

  4. Cheif Investigator

    December 18, 2019 at 1:49 pm

    So we should assume arbitrage is a bad thing?

    Reply

  5. carley northcoast

    December 19, 2019 at 3:29 am

    actually it's 9,000 USD.

    Reply

  6. Matthew

    December 21, 2019 at 5:29 am

    Could someone please explain the animal spirit thing that was said?

    Reply

  7. Gilang Fauzan

    December 25, 2019 at 1:16 am

    Today the bitcoin price is 7238 usd and is going down

    Reply

  8. Brillian Tran

    December 27, 2019 at 2:32 pm

    Global demand has died drascticaly since this interview. He is slightly correct, but have no clue how to code a line for his short life left.

    Don’t think he has seen the behind the scenes of the development of this big scheme. Nor does he even have any Short Positions (Probably to stubborn and old to research how now)

    Reply

  9. ThirdEyeCyclops

    December 28, 2019 at 2:50 pm

    They are missing something huge. What truly makes crypto valuable is that it is not controllable by governments or big banks. It means breaking the chains of human control through money. It is freedom.

    Reply

  10. Davie Chen

    December 30, 2019 at 1:12 pm

    This video made me happy.

    Reply

  11. Philip Erdman

    December 30, 2019 at 6:35 pm

    Who is this old ass rotting bag of bones? Do you really think his ancient senile brain can understand how to use a cell phone let alone understand bitcoin? He looks like his grand kids have to connect his WiFi for him.

    Reply

  12. David Arulnathan

    January 18, 2020 at 3:00 pm

    warren Buffet's 'rat poison' is BTC……that shall be used to get rid of rats like warren buffet & his clans….lol

    Reply

  13. Any Factor

    January 18, 2020 at 7:30 pm

    "I would have shorted it if there was an easy way to do." Sums up why this is a scam. Long-short both establishes the value of any asset in the fair market.

    Reply

  14. D.F. Möller

    January 19, 2020 at 8:22 am

    Today and in the modern world, Fiat currency, as in paper money , has been used for most illegal purposes. Notice Bill gates never gave a straight answer when asked if he owned any bitcoin. For an odd reason i think hes got quite a few😎

    Reply

  15. david davian

    January 24, 2020 at 8:02 am

    We don’t care. lol. You’re the idiots that are criticizing

    Reply

  16. Rikzan

    January 24, 2020 at 1:55 pm

    Yeah, actually what warren said make perfectly sense. People get mad because those people said bad thing about bitcoin, because that opinion hurt them and the price fall. Yes!

    Reply

  17. Marcin Mamrot

    January 25, 2020 at 8:30 pm

    panowie wyobrazcie sobie ze bitcoin nowoczesna sprawa jest artefaktem 🙂

    Reply

  18. Lionel Bellec

    January 30, 2020 at 2:13 pm

    Cryptos have no future. Future is here: http://www.kimuni.io Please read the ressources, you'll understand why.

    Reply

  19. davids myname

    February 6, 2020 at 2:57 pm

    Bitcoin has no use value….. WAIT! your not gonna buy a pizza with that are you?
    XRP MMMMMMMMMMMMOOOOOOOOOOOOOOONNNNNNNNNNNNNNNNNNNNNNNN!!!!!!!!!!!!!!!!!!!

    Reply

  20. Power Express

    February 7, 2020 at 5:37 am

    Guys Pi Network is no joke! Google it and download the APP NOW lol! Get in on the ground floor and start mining from your phone!! Use this invite code to gain access to the app!! Happy mining! (Invite Code: MyFreeCoins) minepie.com/MyFreeCoins Invite Code: MyFreeCoins

    Reply

  21. Toddler TV

    February 8, 2020 at 4:22 pm

    Billionaires keeping people financial slaves to their products and gains

    Reply

  22. Peyton Pence

    February 9, 2020 at 5:35 pm

    Last February, (1) Bitcoin was valued at $3,600… One year later, it's over $10,000!

    Reply

  23. Somanshu Kumar

    February 13, 2020 at 5:07 pm

    900 dislikes from bitcoin speculators

    Reply

  24. domdom939

    February 13, 2020 at 11:28 pm

    That's the biggest buy signal I've ever seen lol!

    Reply

  25. John Horter

    February 14, 2020 at 1:39 am

    Charlie must've gotten rekt.

    Reply

  26. alexander leo

    February 19, 2020 at 12:37 pm

    Bitcoins biggest mistake was trying to be a currency. Gov makes the currency because they have an army, it’s that simple. There growth story is over the moment the government decide it is. Cryptogold could have worked, as long as there was no huge security flaw it has all the attributes of a store of value as long as it’s popular enough, but issuing currency is not based on popularity, it’s based on power. Store of value is based on popularity, not currency. This is the obvious error at the heart of cryptocurrency. The coins are huge in popularity but the threat to the power which legitimises a CURRENCY are not there. The moment that’s made abundantly clear it’s over, I think there are huge gains to be made until then though.

    Reply

  27. Angus Joe Johnson

    February 20, 2020 at 7:28 pm

    These fossils think the US dollar is actually worth something and say gold is worthless and Bitcoin is scumbaggery. I literally can not wait for them to see what unfolds. They will use their $100 dollar bills to wipe their collective asses.

    Reply

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