Charlie Munger on BITCOIN || Is it worthless?

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01. well bitcoin as a as a the computer science behind that's behind bitcoin is a great triumph for the human mind that's what captivates all of these people they've actually created a product that's hard to create more of but not impossible now that is very peculiar but they've managed to do it so a lot of the computer computer science people love it just because it's such an extreme achievement of computer science i of course have no interest in in that because it's not my subject and i see an artificial speculative medium that people are buying just because they think they can sell to somebody else at a higher price even though it inherently has no intrinsic value and so i regard the whole businesses anti-social stupid immoral immoral yes why is that why why would you trade suppose you could make a lot of money trading freshly harvested baby brands would you do it or would you say that's immoral you wouldn't trade them would you to it's too too awful a concept well to me bitcoin is almost as bad it's not having any desirable social purpose we've got debit cards isn't like we don't have a payment system we've got wechat in china incredibly efficient payment system china doesn't need bitcoin and if you have a wechat why would you do it in a medium where the value changes enormously nobody's right mind would want a payment system where the very thing you were using went up and down by 20 of the day now i regard the thing as a as a combination of dementia and immorality and i think the people that are pushing it are a disgrace there's got to be some things that are beneath you you just don't do and this is one we did not need a gold certificate i mean a gold substitute like this bitcoin is worthless artificial gold which if it succeeded would facilitate a lot of illicit activity now that is not something i think the world needs and the fact that it's clever computer science doesn't mean that it should be widely used and the respectable people should encourage other people to speculate in it bitcoin reminds me of oscar wilde's definition of fox hunting the pursuit of the uneatable by the unspeakable well it sounds better than what he used before we we asked earlier charlie uh andrew brought it up with warren but i think it's a scumball activity does that better serve you better thank you yeah um we we asked earlier about goldman sachs getting into the business of having a trading desk for bitcoin berkshire hathaway owns about two and a half billion dollars of goldman sachs does it bother you or does it not surprise you just well i don't expect every investment bank to agree with everything i think they're they have a lot of animal spirits in investment banking well i like crypto currencies a lot less than you do and so to me it's just dementia and i think the people who are professional traders that go into trading cryptocurrencies it's it's just disgusting it's like somebody else is trading turds and you decide i can't be left out to the extent that this brought we're being webcast around the world i hope some of our stuff doesn't translate very well actually so charlie i'm going to i'm going to turn to a few questions from the audience uh as we uh as we start to uh to wrap up um probably half my questions here are about bitcoin and cryptocurrency well i can answer those very quickly i think it's perfectly asimine to even pause to think about them you know it's one thing to think that gold has some marvelous store of value because man has no way of inventing more gold or getting it very easily so it has the advantage of rarity believe me man is capable of somehow creating more bitcoin they tell you they're not going to do it but they mean they're not going to do it unless they want to that's what they mean when they say they're not going to do it and if they hear their rules and they can't do it don't believe them when there's enough incentive bad things will happen it's bad people crazy bubble bad idea luring people into the concept of easy wealth without much insider work that's the last thing on earth you should think about if it worked it would be bad for you to try and do it again it's totally insane and by the way i've just laid out a wonderful life lesson for you give a whole lot of things a wide berth they don't exist you know crooks crazies egomaniacs people full of resentment people full of self-pity people who feel like victims there's a whole lot of things that aren't going to work for you figure out what they are and avoid them like the plague and one of them is bitcoin and the worst thing would happen if you won because then you do it again it's total insanity and it's so easy to simplify life from just all these things that are beneath you yeah i don't even want to know people are promoting bitcoin i don't want to know my address so charlie i'm not my kind of people charlie what i hear you saying is you're not going to be investing in bitcoin is that that's fair i think you're fair so so so let let me move to a a similar your bitcoin right we need to talk about bitcoin in a minute i can't wait to hear what charlie munger has to say about this let's bring in charlie munger the vice chair of berkshire hathaway bill's going to move over so you can come sit in good morning charlie good morning i i just had to get your thought on bitcoin this this this digital currency that's out there that people say oh it might be the next big thing what do you think i think it's rat poison put him down as undecided do you understand what they're trying to do with it no but i regard as deeply flaky deeply for this weekend vice chair charlie munger likened trading cryptocurrency to quote trading turds the always eloquent charlie munger joins us now hi charlie thank you for being here this is getting a lot of attention more than it probably deserves because there are much bigger issues that we deal with here but uh charlie did you know there was supposed to be a bitcoin conference this weekend in omaha had they asked you could have been the keynote speaker would you have said yes well they were probably crowded out by a good people that wanted to have a conference on sewage when you called rat poison five years ago right here in these chairs on fox business you called it rat poison but that was when it was about 150 dollars today it's 9 000.

02. it had hit 19 000. so it's more expensive rat poison but but there are some people who were able to make some money and and we heard from people who are very passionate about this and they said oh those guys are just trying to protect their uh old school investments in us dollars what do you say to that well i think he's idiot booms do harm to a country they frequently come to bad ends and they cause economic consequences that are bad for the whole damn country and so i like it when my country steps hard on idiot booms instead of fanning the flames and if there's ever anything that needs stepping down on hard it's bitcoin