In this video, Charlie Munger, vice chairman of Berkshire Hathaway and long-time partner of Warren Buffett, expresses his disdain for Bitcoin and cryptocurrencies.
Munger states, “Of course I hate the Bitcoin success. I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth, nor do I like just shuffling out of your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air.”
He goes on to say that he believes the enthusiasm for Bitcoin is a form of “tulip bulb mania,” referring to the financial bubble of 17th-century Holland.
Munger also expresses his dissatisfaction with the current monetary system and its reliance on debt, noting that “it can’t be good.”
The video ends with Munger emphasizing the need for more regulation, declaring, “We need more sensible regulations than we have now. We need to get back to a rational monetary system.”