'Just Say No' To Putting Bitcoin In Retirement Account: Charlie Munger And Warren Buffett Still Not Fans Of Crypto

Zinger Key Points
  • Warren Buffett previously called Bitcoin “rat poison,” and is considered an enemy of crypto.
  • Charlie Munger says if an advisor tells you to put all your money into bitcoin, just say no.

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.

Related Link: Berkshire Hathaway Annual Shareholder Meeting Back In Person After Two Year Break 

Why It’s Important: Munger and Buffett have been vocal critics of cryptocurrency, specifically Bitcoin BTC/USD.

Buffett previously called Bitcoin “rat poison” and has been targeted as an enemy of Bitcoin, with Peter Thiel recently calling him enemy number one of the apex cryptocurrency.

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.

Photo: Created with an image from Nick Webb and Fortune Live Media on Flickr

Posted In: CryptocurrencyNewsMarketsBitcoinCharlie MungerPeter Thielretirement accountsWarren Buffett