Bitcoin Opinion

Old Investors Resort to Childish Taunts About Bitcoin, Optimistic Trend

John McMahon | May 7, 2018 | 4:42 am
Bitcoin

Old Investors Resort to Childish Taunts About Bitcoin, Optimistic Trend

John McMahon | May 7, 2018 | 4:42 am

The old money guard is at it again. Warren Buffett at age 87 sat on stage Saturday with his elder business partner Charlie Munger who is 94 and made kindergarten grade comments about Bitcoin and the legitimacy of cryptocurrency once again.

Buffett and Munger at it Again.

Appearing like flesh and blood versions of Statler and Waldorf, the cantankerous old men from the Muppets Show Buffet and Munger bandied snide criticisms about Bitcoin back and forth in front of an audience gathered for the Berkshire Hathaway annual meeting.

Buffett, known as the Oracle of Omaha for his history of predicting solid investments, started off making all his normal comments about Bitcoin being a non-asset and warning that it is “tool for charlatans” before remarking that it is”probably rat poison squared,” in answer to a question by an investor.

Charlie Munger then picked up the thread by telling Buffet ” I like cryptocurrencies a lot less than you do” before continuing in a wheezy kind of mumble to compare crypto to a kind of dementia and ending by saying

“it’s just disgusting, It’s like Someone else is trading turds and you decide I can’t be left out.”

These childish quotes from such distinguished men of finance come as no surprise to anyone who follows cryptocurrency. Just as their criticisms about the worthlessness of Bitcoin as an investment, because it’s digital and continuous warnings about the coming bubble burst have worn so thin as to no longer be newsworthy.

Buffett Admits He Doesn’t Understand Bitcoin

Munger who was quoted in February calling Bitcoin “asinine”  and Buffet have a long history of making crude childish remarks about a technology that buffet has gone on record saying he doesn’t understand when he told CNBC  “I get into enough trouble with the things I think I know something about. Why in the world should I take a long or short position in something I don’t know about?

Munger and Buffet aren’t the only two old money Bitcoin bears who have made a habit of making juvenile digs about cryptocurrency. Jamie Dimon CEO and Chairman of financial giant JP Morgan Chase has called Bitcoin a “fraud” and “stupid” so many times he may as well have cards made up.

Nobel prize-winning economist Robert Schiller who is like to refer to Bitcoin as a fad and has time and again compared it to a Ponzi scheme may also have shed some light on why the old guard revert to such infantile insults when he said that Cryptocurrency disrupts the traditional view of banking.

Cryptocurrency – Bitcoin was created to do just that, disrupt the system that has made men like buffet fabulously rich and because he and Munger and so many other of the old money guard don’t like that, don’t understand that or possibly understand what they have to lose from a decentralized currency is just what keeps them calling Bitcoin “Stupid” “fake” and comparing it to a “turd”.

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  • Thisu Guyi

    The real truth is already known: All these guys are filing blockchain patents left and right behind closed doors. The paper trails have been exposed. So invest well and hodl!

    • Jessica Mana

      truth

    • L.A. Walker

      Truth

  • fujak

    finally!!! this is how you should be reporting the remarks of these irrelevant old people…..make fun of them publicly and show your support instead of simply reporting what they say….good job.

    • Ilan Lichtnaier Gil

      Precisely so.

    • L.A. Walker

      Exactly!! Their intentions are so transparent.

    • Defiant

      Exactly! When you just report the information it makes it look like you agree with them, because anyone who doesn’t agree with something tends to pipe up about it. So… Pipe up about it.

  • Bill Petridis

    Can he just die already?

  • pjcnet

    In my opinion they have at least been partly responsible for the current price drop because they created just enough fear for investors when Bitcoin was testing the important $10K resistance point, since they started slamming into Bitcoin and the “news” extensively covered their childish remarks, Bitcoin has dropped approx $650 from it’s peak at the time of writing. I still think Bitcoin will break $10K before long however.

    • Paul Langdon

      Once it hits 10k it will surge.

  • Defiant
  • critical_thinker

    Everytime Buffet and his kind say something bad about crypto I buy a little bit more just to make a point that I will do exactly the opposite of what they do. Buffet had his time under the sun but now a new crop of investment assets are emerging and he knows nothing about them and it scares him.

    • Fan Cia

      That’s the thing, FOMO is high among these guys, and they have hard time figuring things out quick enough so they have to try to control things a bit. But as I’ve said, crypto is global, it will not wait for anyone.

  • Fan Cia

    Lol, This is how it goes. Back in the days bitcoin was nothing, they don’t think it was a major concern. Just another day, making money the same old ways they always knew. Suddenly, in 2017 it all changed so quickly, Bitcoin and crypto blown up so much it caused them to all jump up from their chairs and perhaps a bit of jaw dropping going on. It was absolutely huge that they can’t ignore it anymore. But, these guys are all late to the party so no they can’t have that, bitcoin must slow down first so they could get on the train. Like any technology in the early stages, there was he innovators, then comes the early adopters, and of course we got to have some people who will always be late to the party right? They can try all they can but get this, Bitcoin and crypto is global, US along won’t stop that. The old dogs can do whatever they want to do, but the rest of the world is not going to wait for them.

  • Paul Langdon

    This the same Buffet who said Amazon was a waste of time as well? Just silly old men who are well past their sell by dates and who should be quiet and put their slippers on . Like someone said the other day, the headline should read ‘Old Man Shouts At Bitcoin’.

  • RO

    Warren needs to go back to giving people diabetes with his sugar water and let more noble souls put future money into the hands of We The People and out of the clutches of the warmongering Banking Cabal.

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