Warren Buffett's Right-Hand Man Compares Bitcoin to Louse, Says Berkshire Hathaway Won't Follow Tesla's Bet

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Wed, 02/24/2021 - 19:05
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Alex Dovbnya
Berkshire Hathaway won't follow Tesla into Bitcoin, according to Charlie Munger
Warren Buffett's Right-Hand Man Compares Bitcoin to Louse, Says Berkshire Hathaway Won't Follow Tesla's Bet
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Charlie Munger, the vice-chairman of Warren Buffett's Berkshire Hathaway, poured cold water on Bitcoin at the Daily Journal Corporation's annual meeting on Feb. 24.   

In one of his particularly strong statements, he quoted English writer Samuel Johnson when asked about what was worse: Bitcoin or Tesla: 

Sir, there is no settling the point of precedency between a louse and a flea. 

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If anyone has been wondering whether or not Berkshire Hathaway was going to replicate Tesla's shocking move into Bitcoin, the famed investor also confirmed that there were no such plans. 

We will not be following Tesla into Bitcoin.

Munger also criticized Bitcoin's volatility, which he believes will prevent it from becoming a viable means of exchange:  

I don't think Bitcoin is going to end up the medium of exchange, it's too volatile.

Buffett is known as one of Bitcoin's harshest critics. In May 2018, the "Oracle of Omaha" famously called it "rat poson squared."       

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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