An audience question at the Berkshire Hathaway Inc (NYSE: BRK-A)(NYSE: BRK-B) annual shareholder meeting on Saturday that wasn’t even about Bitcoin still prompted a crypto related response from Charlie Munger.
What Happened: An audience member asked about the best investment idea in the current economic climate of rising inflation. The questioner also asked about the best stock to buy right now.
Berkshire Chairman Warren Buffett wouldn’t give a specific stock, and instead told the audience member to invest in themselves and be the best in whatever field they choose.
Berkshire Vice Chairman Charlie Munger took his advice a different direction.
“When you have your own retirement account, and your friendly adviser suggests you put all the money into bitcoin, just say no,” Munger said.
Why It’s Important: Munger and Buffett have been vocal critics of cryptocurrency, specifically Bitcoin BTC/USD.
Buffett also warned shareholders about new forms of money that have been created, without singling out Bitcoin by name. He told shareholders Berkshire always has a lot of cash on hand.
“The United States government affects that this became exchangeable for lawful money in the United States,” Buffett said in reference to a $20 bill.
Buffett said that inflation could make the $20 bill worth less in terms of purchasing power. “But that when people tell you that they’re issuing new forms of money, this is the only thing that will pay bills under some circumstances,” he said.
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