Buffett and Munger compare bitcoin to gold
Furthermore, Buffet compared buying bitcoin to investing in gold. According to him, “If you go back to the time of Christ, and you look at how many hours we had to give up in order to buy an ounce of gold and you bring it forward to now, you’ll find the compound rate may be a tenth or two-tenths of 1 percent, … but it doesn’t produce anything.”
On the other hand, Munger said bitcoin is “worthless, artificial gold.” According to him, “The fact that it’s clever computer science doesn’t mean it should be widely used and that respectable people should encourage other people to speculate on it.”
He added, “Bitcoin reminds me of Oscar Wilde’s definition of fox hunting: ‘The pursuit of the uneatable by the unspeakable.”
