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Edited by Kahn332 at 22-12-2023 04:59 AM
Munger took the first shot, claiming that Bitcoin is artificial gold with no value, and he believes it is not something the world currently needs. He further stated:
The fact that it's clever computer science doesn't mean it should be widely used and it doesn't mean that smart people should encourage other people to speculate on it. It reminds me of Oscar Wilde's definition of a fox hunt: the pursuit of the uneatable by the unspeakable.
The host then asked Bill Gates if he owns any Bitcoin. Gates mentioned that someone gifted him some Bitcoin on his birthday, but he sold it a few years later.
He views blockchain as a very good technology for sharing databases and verifying transactions. However, when it comes to Bitcoin and ICOs, he ""totally agrees they are some crazy, speculative things"" and adds:
As an asset class, you're not producing anything, so you shouldn't expect it to go up. It's a kind of pure 'greater fool theory' type of investment. I agree I would short it if there was an easy way to do it.
Buffett supports Gates' views, stating that the asset itself doesn't create anything, and Bitcoin relies on the excitement of the next buyer. He says:
When you're buying non-productive assets, all you're counting on is the next person is going to pay you more because they're even more excited about another next person coming along.
Buffett also joked that if he criticized something people own and believe will go up tomorrow, they would feel hurt and upset, but criticizing their wives wouldn't evoke the same reaction. |
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Post time 5-12-2023 04:28:41