Legendary investors Warren Buffett and Charlie Munger have never been fans of bitcoin, the cryptocurrency that once hit $20,000 and became the talk of the family dinner table in late 2017.
With bitcoin’s price having crashed to about one-third of its heyday high, Buffett and Munger joked around about the once red-hot investment during the 2019 Berkshire Hathaway Shareholders Meeting on Saturday.
Highlight: “Your vice chairman is getting new social distinction,” Munger says. “I’ve been invited during the gathering to go to a happy hour put together by the bitcoin people. And I tried to figure out what the bitcoin do in their happy hour and I finally figured it out…” pic.twitter.com/BM7FHiKPyf
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Munger told the audience that he was invited to a happy hour by bitcoin investors. “I wonder what they have been doing in their happy hour, and I finally figured it out. They celebrate the life and work of Judas Iscariot,” referring to the apostle who betrayed Jesus Christ.
Buffett’s longtime business partner once described the frenzy over bitcoin as “like someone else is trading turds, and you decide ‘I can’t be left out.’”
Buffett also weighed in on the crypto craze, sharing a story about his honeymoon in Las Vegas in 1952, when he found himself surrounded by people who came from thousands of miles away to gamble. “They came to do something that every damn one of them knew was mathematically dumb,” recalled Buffett. “And I told Susie, ‘We’re going to make a lot of money.’”
Buffett says bitcoin reminds him of that feeling way back when. He sees investing in bitcoin as a gamble based on speculation — and not an investment.
Highlight: Buffett on bitcoin: “On my honeymoon in 1952, my bride, 19, and I, 21, stopped in Las Vegas. … I looked around and saw all of these well-dressed people… they came to to do something that every damn one of them knew was…