Munger ‘Anti-Bitcoin’ and Buffett ‘Annoyance’ Towards Crypto Industry


In Hathway’s annual meeting, Veteran stock market investors Warren Buffet and Charlie Munger talked about the new trading era of digital currencies on the global subconsciousness and its associated effects.

Buffett and Munger are both Anti-Bitcoin 

Legendary investor Warren Buffett expressed his annoyance at the people who treated markets like a casino. According to him, treating the market as Casio will generate a gambling impulse. The billionaire criticized the zero-commission Robinhood shares trading application, which reflects stock market investments as “gambling chips.”

Buffett insisted to abandon platforms that offer commission-free trades. As these platforms aggravate latent gambling addiction. 

Buffett said. “We’ve probably got hundreds of thousands of people watching this that own bitcoin, and we’ve probably got two people who are short. So we have a choice of making 400,000 people mad at us and unhappy or making two people happy, and that’s just a dumb equation.”

Coming to Charlie Munger, who has always been anti-Bitcoin, Said “he hates the Bitcoin success.” according to him, the bullish behavior of the digital gold of the market is “Whole damn development”, “disgusting”, and “contrary” to the idea of civilization. 

The Basis of Hate for Bitcoin

The bulk of criticism by Buffett and Munger is based on the use of digital currencies in criminal activities. Kidnappers, blackmailers, and so forth have used cryptocurrencies in their favor before. 

Janet Yellen, President-elect Joe Biden’s pick for Secretary of the Treasury, stated, “I think many (cryptocurrencies) are used, at least in a transaction sense, mainly for illicit financing. And I think we really need to examine ways in which we can curtail their use, and make sure that anti-money laundering (sic) doesn’t occur through those channels.”

According to an excerpt from the 2021 report,

“In 2019, criminal activity represented 2.1% of all cryptocurrency transaction volume (roughly $21.4 billion worth of transfers). In 2020, the criminal share of all cryptocurrency activity fell to just 0.34% ($10.0 billion in transaction volume).”

 
 



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