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Well, Bitcoin, like the computer science behind Bitcoin, is a great triumph of the human mind. That's what fascinates many of these people. They have actually created a product that is difficult to recreate, but not impossible. This is very peculiar. But they managed to do it . That's why many people in the IT field love it simply because it's such an extraordinary achievement in computer science.
I, of course, have no interest in this , because it's not my topic. And I see an artificial speculative vehicle that people buy just because they think they can sell it to someone else at a higher price, even though it has no intrinsic value . So I find this whole thing antisocial, senseless, immoral.
Immoral? Yes, immoral. Why? Why would you trade... Let's say you could make a ton of money trading freshly extracted baby brains. Would you do it or would you say it's immoral? You wouldn't trade them, would you? This...this is too terrible a concept. Well, to me, Bitcoin is almost as terrible. It has no desired social purpose.
We have debit cards. It's not like we don't have a payment system. We have WeChat in China. Incredibly efficient payment system. China doesn't need Bitcoin. And if you have WeChat, why would you use a tool whose cost fluctuates incredibly? No one needs a payment system where the very thing you use changes in price by 20% per day.
No, I consider this thing a combination of madness and immorality. And I think the people who promote this are a disgrace. There must be things that are beneath your dignity that you simply don't do. And this is one of them. We don't need a gold certificate. I mean, a gold substitute, uh, like this.
Bitcoin is worthless artificial gold that, if it were successful, would facilitate a multitude of illegal activities. This is not what I think the world needs. And the fact that it is intelligent computer science does not mean that it should be widely used and that respectable people should encourage others to speculate on it.
Bitcoin reminds me of Oscar Wilde's definition of fox hunting: the pursuit of that which cannot be eaten by those who cannot be described. Well, that sounds better than what I was using before. We...we asked before, Charlie, Andrew raised this with Warren, but I think it's a vile activity. Does this suit you better?
Thank you. Yes, we asked earlier about Goldman Sachs going to open a trading platform for Bitcoin. Berkshire Hathaway owns about $2.5 billion worth of Goldman Sachs shares . Does this bother you or perhaps not surprise you? Just Well, I don't expect every investment bank to agree with everything I think.
There is a lot of adventurism in investment banking . Five years ago, right here in these chairs on Fox Business, you called it rat poison, but back then it cost about $150. Today it is 9,000. It used to be 19,000. more expensive rat poison. But there are people who managed to make money. We've heard from people who are very passionate about this, they say, "Oh, these guys are just trying to protect their old-fashioned US dollar investments." What do you say to that ?
Well, I think these senseless booms are hurting the country. They often end badly and cause economic consequences that harm the entire country. That's why I like it when my country toughly puts a stop to such senseless booms, instead of adding fuel to the fire. And if there was anything that needed a tough crackdown , it was Bitcoin.
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