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well warren buffett over the weekend had a lot to say about cryptocurrency robin hood so much more and he was uh i don't know maybe he's just uh he's he's you know he's in his older age now and he's just like you know i'm not pulling any punches you want to know how i feel about these things so this is how i feel i'm not a big fan of this retail space um he says you know there's the he says there's the the stocks only go up crowd and then there's berkshire hathaway warren buffett you know and and his longtime business partner charlie munger who were back they haven't been back on the stage together in quite a while 90 years old and 97 years old respectfully um they push back on some of these big trends in investing during the company's annual shareholder meeting on saturday i it was interesting to get their take on cryptocurrency to hear what they think about this retail investing move certainly on with robinhood and gamestop and all of this here are just a few takeaways that i had bitcoin um munger said of course i hate bitcoin he said i hate i hate the bitcoin success and he said cryptocurrencies used for criminal enterprises he says i think i should say modestly the whole damn development is disgusting and contrary to the interests of civilization which i just i i just don't understand i don't how you get that thought that this is contrary to to civilization when government fiat currency continues to collapse again david and i talk about this here on the show all the time that no fiat currency in world history has ever survived and here for the very first time you have a new monetary system which is bitcoin you have a new monetary system which is decentralized not run by any state government not any one government and if something goes offline it doesn't matter because no government no government controls it and can just print whatever they want so i just i just don't understand that but here are um berkshire hathaway ceo and partner charlie munger and uh and warren buffett on these questions now that the crypto market overall is valued at two trillion dollars do you still consider cryptos as worthless artificial gold i knew there'd be a question on bitcoin or i had and i thought to myself well i've watched these politicians dodge questions all the time you know and and and uh i always find it kind of disgusting when they do it but the truth is i'm gonna dodge that question because the we probably got hundreds of thousands of people watching this that own bitcoin and we've probably got two people that are short so we got a choice of making 400 000 people mad at us and unhappy and or making two people happy and that's just a dumb equation so i i thought about we had a governor one time in in nebraska and a long time ago but uh he would get a tough question you know what do you think about property taxes or you know what should we do about schools and and he'd look right at the person he'd say i'm all right on that one and then you just walk off well i'm all right on that one and maybe we'll see how charlie is and charlie i'll tell more more truthful here well those who know me well are just waving the red flag of the bull of course i hate the bitcoin success and i don't welcome a currency that's so useful and to kidnappers and extortionists and so forth nor do i like just shuffling out a few extra billions and billions and billions of dollars to somebody who just invented a new financial product out of thin air so i think i should say modestly that i think the whole damn development is disgusting and contrary to the interest of civilization and i can't believe he actually said the words out of thin air with a straight face i know like what are they doing right now with the us dollar they're printing it out of thin air right exactly i think it's crazy i do want to say that warren missed a golden opportunity he could have said i'm gonna dodge that question yeah he's just pretty witty i'm surprised he didn't think of that one i'm going to doge that question they didn't ask didn't uh bring up dogecoin but she she did ask a lot of good questions um you know i i just think it's funny to think that and bill maher went on and on about this this week too on hbo and you know this idea that you know bitcoin it's just it's fake it's made up it's you know you can say that all you want but this is the future of our monetary system and the amount of things and projects right now being built on the back of ether ethereum right so you have bitcoin on the one side you have ethereum on the other and yes it might be number two to bitcoin's number one that's fine but look at ethereum visa talking about building their platform their transaction platform on ethereum visa on a theater you know on ether whenever you think about it you know the bitcoin the way that they mine it it's finite and currency has to be finite it has to have some kind of value that is based on you know how long it can last whereas right now the us dollar is infinite they can print as much as they want and they're printing i don't even know how much they're printing these days every month but they print money like like there's nothing backing it bitcoin is backed by labor the us dollar is backed by nothing exactly and that's the thing we know how much bitcoin exists and we can just continue to push out u.s dollars again talk to any expert any expert in the financial world ask them do they have any cash are they keeping their money in cash and the answer is absolutely not they're not keeping their money in cash i mean look what warren buffett you know we just i don't know how many of you watched the video that i did yesterday on warren buffett and his gold mistake how many of you watched that if you haven't watched that go go check out that video after today's show um but i talk about warren buffett's huge mistake on gold you know he kept money in cash he kept berkshire hathaway money in cash when he had 130 billion dollars and 20 years ago when he had 70 billion dollars even if he would only have used half of that money and instead of sitting in us dollars if he would have put that in gold he would now run the largest company in the world it would be three trillion dollar company it would be three trillion three times the size of apple but he kept it in us dollars now imagine if that was even put in gold or imagine if it was put in bitcoin and look what tesla just did look what elon musk just did by investing 1.5 billion in bitcoin their profits exploded as a result of it so i told you that uh last week or whatever when i was talking about bitcoin that had i listened to ron paul in 2012 and invested the 20 000 that i had i would have 167 million dollars right now so i guess you didn't learn your lesson but no but but then you didn't learn your lesson last week when i said hold bitcoin and you're like i gotta sell it and you sold it and if you just would have held it for another few days you would have made your profit you would have been up yeah maybe third time's a charm maybe maybe third time i i i might try ethereum a little bit where do you where do you actually get ethereum like how do you do that how do you get it uh i mean anywhere i mean ethereum is such a popular you know coin you can buy it anywhere really but uh coinbase etc but uh publicly uh no not yet public is uh is for just for stocks it's not uh public is not uh crypto just yet but you can actually if you're on weeble you can do it on weeble um but i do it on binance so i'm a binance guy that's my platform that and i'm actually starting with um with buy bit so i'll have some more info on buy bit real soon as well so some really fascinating platforms with very low fees so but a theory you can get in on as this thing runs up i mean this has again exploded since last week just up ridiculous amount uh warren buffett also talked about robin hood and this idea that you know this is just a platform for retail investors he said it's taking advantage of the gambling instincts of society and it isn't admirable he says it creates its own reality for a while and nobody tells you when the clock is going to strike 12 and all everyone turns to pumpkins and mice he said is he he it sounds like he's talking about the us dollar well i you know i this idea of robin hood i mean i think it's an interesting discussion to have right it's this idea that he and i believe truly that warren buffett is all about wanting to get as many people involved in trading as possible that's been sort of his lifelong mission right is to like get people trading get people learning about investing in businesses um and empowering you to uh to to take control of your financial future right he has a very similar mission i think to mine by doing this show but where i disagree is this idea that you lump everyone together and you basically say that this this platform this robin hood platform by by making it flashy and fun then then everyone's gonna get screwed and i think he's right in part i think you know social media and this you know reddit forums and so forth driving people to jump into gamestop and amc and things like that yes people got burned people got screwed you know people don't know what they're doing uh that's one thing um but i think to some degree he's right about robin hood you know robin hood plays into this uh robin hood released a statement basically saying we don't think it's right for you to insult retail investors we've created a platform which decentralizes and makes it accessible democratizes trading it allows everyone to get involved in this and of course they're going to say that right they're making so much money off of people who shouldn't be trading people who don't have any education about what's going on in the markets and they get into this stuff and robin hood knows that so they can come out and play the role of like the populist and be like we're defending our right to trade and oh yeah but then why did you then stop people from actually buying into gamestop when it was going crazy and only allowing people to sell like if you're so in favor of the little guy then why did the little guy get screwed when you decided to pull the lever back on people being able to sell sell gamestop or buy gamestop so you know i think it's it's nice and hypocritical of robin hood to be talking out of both sides of its mouth but i'd love to hear your thoughts on this drop me a comment below you know is uh is is warren buffett right about robin hood is he right about crypto what about charlie munger i'd love to hear your thoughts on that
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