Charlie Munger discovers Bitcoin Happy Hour events – the Berkshire Hathaway Vice Chairman was not impressed, nor did he attend the event.
The billionaire investor was investor was invited by a cryptocurrency investment group. He remarked how his social standing had reached new levels due to this invite.
Munger, who didn’t attend the event, mused that the bitcoin investors gathered around to “celebrate the life and work of Judas Iscariot.” This is coming from the same individual who previously described bitcoin traders and the activity as “just dementia”.
“And I think the people who are professional traders that go into trading cryptocurrencies, it’s just disgusting,” he added. “It’s like somebody else is trading turds and you decide, ‘I can’t be be left out.”
Munger’s investment partner, Warren Buffet, also criticized the asset class. Bitcoin has fallen sharply from its December 2017 high of $19,843, however, it is up 55% this year, trading at $5,689. Meanwhile, Berkshire stock is looking no different than a typical S&P index fund. What do you think? Let us know on our Facebook Page!