“I think I should say modestly that the whole damn development is disgusting and contrary to the interests of civilization,” Munger added.
Bitcoin as a hedge against inflation
On the other hand, Bitcoin enthusiasts criticized Munger. Several traders argued that Bitcoin is a store of value that is used as a hedge against inflation.
But Munger has consistently criticized the high volatility of Bitcoin.
“It’s really kind of an artificial substitute for gold. And since I never buy any gold, I never buy any bitcoin,” Munger said at the annual shareholders meeting for the Daily Journal in February. “Bitcoin reminds me of what Oscar Wilde said about fox hunting. He said it was the pursuit of the uneatable by the unspeakable.”
Bitcoin is currently trading at around $56,085, according to Coin Metrics, with a market value of over $1 trillion.
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