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.
Ripple CTO Issues Expert Reaction Amid Fed-Driven Market Rally'Powerful': Legendary Trader Peter Brandt on New Ethereum ATHXRP Must Grow: RSI Says So, Bitcoin (BTC): Catastrophic Signal? Ethereum (ETH): $5,000 in September?Breaking: Ethereum (ETH) Suddenly Hits New ATH for the First Time Since 2021
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."
Dan Burgin
Vladislav Sopov
U.Today Editorial Team