While talking to a gathering on Saturday, a high-ranking official of Berkshire Hathaway, Charlie Munger, made it clear that he is no fan of the world’s famous crypto asset, Bitcoin, despite its impressive rally since the start of this year.
Over the last couple of years, he has never been a supporter of digital assets. Earlier in an interview, when asked about the BTC, Munger stated that the digital asset was too volatile to be a worldwide exchange. During Saturday’s gathering, he said,
Of course I hate the bitcoin success,” Munger said. “And I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth, nor do I like shuffling out a few extra billions and billions of dollars to somebody who just invented a new financial product out of thin air.
Although Berkshire has beaten the performance of S&P this year, it still lacks behind the world’s leading cryptocurrency. Over the last year, the company rose fifty percent against BTC, which rose a whopping five hundred percent.
Munger’s comments came as the BTC is seeing a widespread in the US and especially Wall Street as an ideal investment asset and replacement of gold. Meanwhile, Berkshire’s head, Warren Buffett, refrained from giving any comment on BTC.