Jakarta, CNBC Indonesia – Right hand Warren Buffett at Berkshire Hathaway, Charlie Munger, assesses bitcoin digital assets as repulsive and against the interests of civilization. Munger’s expression reflects the record after record that bitcoin has continued to make in recent times.
“Of course I hate the success of bitcoin. I don’t welcome a currency that is so useful for kidnappers and extortionists and so on. I also don’t like just handing over billions of dollars to someone who just discovered a new financial product,” he said as reported by CNBC International, Sunday (2/5/2021).
Munger has long criticized bitcoin for its extreme volatility and lack of regulation. At the annual shareholder meeting for the Daily Journal in February, Munger said bitcoin was too volatile to function properly as a medium of exchange.
“This is really some kind of artificial gold substitute. And because I never buy gold, I never buy bitcoin,” said Munger.
“Bitcoin reminds me of what Oscar Wilde said about fox hunting. He said it was the inedible chase of the unspeakable,” he continued.
The largest cryptocurrencies in the world are enjoying brilliant rallies this year, reaching $ 60,000 each in April. All cannot be separated from the share of Tesla Inc. to the big Wall Street banks that make bitcoin the mainstream.
Tesla recently accepted digital currency as a payment method for its cars. Meanwhile, Goldman Sachs and Morgan Stanley want to offer bitcoin exposure to their wealthy clients.
The last Bitcoin traded above $ 57,000 or the equivalent of IDR 820 million (Exchange rate of IDR 14,400). That value is up from about $ 30,000 in early 2021, according to Coin Metrics.
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