Warren Buffet's Right Hand Mocks Bitcoin's Success

Illustrated (Photo by Aleksi Räisä on Unsplash)

JAKARTA - Warren Buffet's confidant Charlie Munger revealed that Bitcoin crypto is a disgusting asset. Officials at Berkshire Hathaway also said that he hated the success of bitcoin, whose price continued to increase.

“Of course I hate bitcoin's success. I do not a welcome currency that is so useful for kidnappers and extortionists and so on", said Warren Buffet's right-hand man as quoted by Bitcoin News.

The Vice-Chairman of Berkshire Hathaway admitted that he is not willing to give billions of dollars to financial product makers, including for investing in crypto assets.

"I also don't like simply handing over billions of dollars to someone who just invented a new financial product", added Munger, on Sunday, May 2.

Previously, at the annual meeting in February, Munger stated that bitcoin has a high fluctuation rate and is not suitable to be used as a transaction tool like money.

“This is really some kind of artificial gold substitute. And because I never bought gold, I never bought bitcoin", he said.

Until now, the price of Bitcoin is touching the level of IDR 854,900 after experiencing a decline last week. Bitcoin has become popular and mainstream as a result of the contribution of several large companies such as Tesla, MicroStrategy, and others.

In addition, two major US banks are also reported to have accepted cryptocurrency payments such as Morgan Stanley and Goldman Sachs. Both banks offer bitcoin investments to customers who have a certain amount of wealth.