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berkshire hathaway's charlie munger says he's disgusted by bitcoin's success let's listen to exactly what he had to say of course i hate the bitcoin success and i don't welcome a currency that's so useful and the 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 interests of civilization and i'll let leave the criticism to others i'm all right on that one oh wow you put it modestly there you go but tell us what you really think tell us what you really think charlie so i mean there's so much to unpack here he's talking about all the you know kidnappers he's also talking about the fact that we're just giving money to satoshi created this out of thin air i mean i don't know how many times i can face palm myself in a segment uh let me just throw it to the group get your take first will uh immediate thoughts on this uh frustration most of all so i mean of course berkshire hathaway and those two are just legendary value investors and they have all the money they need to be able to make those kind of proclamations about any asset they want from a pretty safe position but at the same time it just kind of is frustrating to see people not take an interest in looking at the market itself and uh just being genuinely curious about why something like bitcoin is novel and why it has value particularly giving that bitcoin has been through a few different bubbles and uh i'm i'm certain that warren buffett and charlie munger have seen a few of these before and they're reading financial reports daily so i don't quite understand why after three or four or five of these bubbles are not saying hmm there could be something here and then and then the criticisms itself that they're leveling and just easily debunked and it's frustrating to see like the same narratives spelled over and over again yeah and i want to talk about what you said they will because you mentioned that they're very successful actually berkshire hathaway has significantly underperformed the market for a long time for the past 10 years so if you look at this chart comparing it to the success of bitcoin it's quite dramatic so the fact that people consider these uh you know apparent you know uh investor giants to be relevant still i it baffles me i don't want to be like a real mean person about it but honestly like he clearly doesn't understand bitcoin if he's saying that you know we're just shuffling off money to this person who created a money out of thin air like how how how are we shuffling anymore like he clearly doesn't understand how bitcoin works and that no one's in control no one's being given a percentage of all the bitcoin and and you know every transaction they get fed a little bit he's probably thinking in terms of the mindset of someone who runs a a a fund a a managed fund where he gets a lot of money uh regardless of how well his fund actually does right so uh ben i saw your your hand go up there i'd love your thoughts i mean i mean me and jen were before the show debating like whether this guy has the internet like period um because really where it's unclear he is not on twitter it looks like um so he avoided you know that sort of crowd coming for him no i mean i think it's just really tiring like i'm tired uh just even listening to it just because it sort of you know demonstrates whatever corporate memo he got in terms of explaining what bitcoin was what some of the risks are blah blah blah it's just something we've heard time and time and time again and i think at this point you know it really does show sort of a uh ignorance about a lot of the underlying factors that influence you know cryptocurrencies more generally but also appeal the appeal of bitcoin and so i think when these people are leveling the sort of criticism at this you know as modestly quote-unquote as uh maybe he put it i think you're just kind of like showing how little you know um and i think that's more indicative than any sort of like positive value to put on this sort of assessment yeah is this one extortionist sorry go ahead jen i was just gonna say this whole extortionist and kidnapper narrative is so tired i mean extortionist and kidnappers were doing just fine with fiat and they don't need bitcoin to commit crimes it's just it just feels like ruffling feathers for for no reason and it really just points to the fact that they don't really understand what they're talking about zach what you got i think this is a good opportunity to just think about whether all figureheads are clueless to a degree i think crypto is nice in that we can escape figureheadism and yet we are very much in figurehead mode even within crypto even even with crypto projects um you know i think a lot of people love it when financial titan x goes rah-rah bitcoin okay well here's financial titan why saying bitcoin sucks maybe like both of those financial titans aren't necessarily as savvy as some of the other people in the space and maybe you should be looking elsewhere for people who can educate you on the thing so yeah maybe there's like i don't know equal opportunity sort of like anti-figureheadism here that could be remembered from this particular episode that to me seems sort of like maybe the bigger step back that this moment affords us that's such a good thing and monger if you're out there i want to direct you to coindesk learn section where you can actually read some of these look at things boy yeah no i completely agree and it speaks to the fact that we have the wrong signaling devices i think in society we look to people who have a lot of your public uh facing opportunities they have a lot of money and we think oh they must know what they're talking about it's just not always the case you know hollywood says a lot of dumb stuff charlie mung is saying a lot of dumb stuff i wouldn't recommend you go to them for bitcoin advice
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