The Bitcoin Haters
“Disgusting and contrary to the interests of civilization” — Rick Mulvey
“Of course I hate the Bitcoin success. I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth. I think I should say modestly that the whole damn development is disgusting and contrary to the interests of civilization.”
- Charlie Munger of Berkshire Hathaway
Those were the words of ninety-seven year-old Charlie Munger, the vice-chairman of the investing giant Berkshire Hathaway, and the second-in-command to Warren Buffett.
Understandably, Munger and Buffett have amassed huge fortunes by investing in companies, by picking stocks. That they would have no need to buy cryptocurrencies is understandable. That they may not even clearly understand them is to be expected as well. But, “contrary to the interests of civilization?” Munger offers no clarification on what he means by that. And to the point that Bitcoin is used by drug dealers and other criminals, yes it is. So is cash. In fact, in 2020 only an estimated .34% of all crypto transactions involved illicit activities. (Newsletter See Issue №1.) Also, criminal activities conducted through the traditional banking system amounted to 2–4% of global GDP, significantly more than with crypto.
