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Author: Admin | 2025-04-28
2013: Munger has "no confidence" in bitcoinA few minutes later in the same "Squawk Box" interview, Buffett explained why he thinks some proponents get angry when cryptocurrencies are criticized. As far back as the 2013 annual meeting, Buffett and Munger have their doubts that the then four-year-old digital currency bitcoin would ever be widely adopted. At the time, one bitcoin was valued at around $130.2014: Bitcoin is "not a currency"The following year, Buffett still doesn't see a long-term future for bitcoin. Appearing on CNBC's "Squawk Box" in March, he says he wouldn't be surprised if it doesn't exist after 10 or 20 years. Around that time, the price of one bitcoin ranged between $450 and $700.2014: "It's a mirage"A few days later, Buffett was back on "Squawk Box," appearing with Quicken Loans Founder & Chairman Dan Gilbert to promote an NCAA basketball tournament bracket contest they were sponsoring. Gilbert asked Buffett about bitcoin.2018: Cryptocurrencies heading to a "bad ending"Late in 2017, bitcoin topped out a spectacular year-long rally by hitting almost $18,000 on December 15. It then fell sharply from that high. On "Squawk Box" a few weeks later, Buffett was still staying far away from cryptocurrencies.2018: "Trading turds"Just before appearing before thousands of shareholders at the 2018 Berkshire annual meeting on May 5, CNBC's Becky Quick tweeted that Buffett told her bitcoin is "probably rat poison squared," one-upping his partner Charlie Munger who had called it simply "rat poison." Buffett and Munger didn't use those words on stage, but they didn't hold back on their criticism of cryptocurrencies.2018: Bitcoin is "creating nothing"Two days later, Buffett was on "Squawk Box" comparing bitcoin to another "non-productive" asset he's been very critical of over the years: gold.2018: Bitcoin bulls depend on the "mob growing"A few minutes later in the same "Squawk Box" interview, Buffett explained why he thinks some proponents get angry when cryptocurrencies are criticized.2018: Munger and Gates separate the science from the speculationWhen Charlie Munger and Bill Gates join the May 5 "Squawk Box" conversation, bitcoin comes up again. While admitting it's "clever computer science," Munger argues cryptocurrencies are "worthless artificial gold" that facilitates "illicit activity." Gates acknowledges the underlying blockchain technology is a "good thing," but thinks the price gains are being driven by unwarranted speculation.2018: One-word warningIn June, JPMorgan Chase CEO Jamie Dimon joins Buffett for a CNBC interview on their call for companies to stop issuing short-term
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