Despite their shared disapproval, Munger and Buffett had distinct reasons for their skepticism, often expressed during Berkshire Hathaway’s annual shareholder meetings, affectionately dubbed the “Woodstock for Capitalists.” 

These gatherings were a magnet for investors worldwide eager to glean wisdom from the duo, who boasted a remarkable 20% average annual return since 1965, far surpassing the S&P 500’s 10.5% average.

Differing Crypto Critics: During the 2021 shareholder event streamed by Yahoo Finance, Munger vehemently expressed his disdain for Bitcoin, deeming its success “detestable.” 

“I don't welcome a currency that's so useful to kidnappers and extortionists and so forth. Nor do I like shuffling out a few extra billions and billions of dollars to somebody who just invented a new financial product out of thin air.”

Buffett, however, offered a contrasting perspective during the same event. He emphasized the value of tangible, productive assets, illustrating with an example. 

See Also: Is Bitcoin a Good Investment in 2023?

How Their Views Differ: Buffett stated he would pay $25 billion for a 1% stake in all U.S. farmland or apartment buildings due to their ability to generate food and rental income. In contrast, he found no appeal in owning Bitcoin.

“If you said … for a 1% interest in all the farmland in the United States, pay our group $25 billion, I'll write you a check this afternoon," Buffett had said. “[For] $25 billion I now own 1% of the farmland. [If] you offer me 1% of all the apartment houses in the country and you want another $25 billion, I'll write you a check, it's very simple.”

The “Oracle Of Omaha” went on to add: “Now if you told me you own all of the bitcoin in the world and you offered it to me for $25 I wouldn't take it because what would I do with it? I'd have to sell it back to you one way or another. It isn't going to do anything. The apartments are going to produce rent and the farms are going to produce food.”

Upon hearing Buffett’s valuation method for productive assets versus Bitcoin, Munger chimed in, “I have a slightly different way of looking at it.”

“Well, then I can sell all my Bitcoin to you, Charlie," said Buffett.

Munger responded: “In my life, I avoid things that are stupid, evil, or make me look bad in comparison with someone else.”

Scathing Take: Munger had labeled Bitcoin as “evil” for its potential to undermine the U.S. financial system, a foundation he deemed crucial for the economy. He argued that Bitcoin made the U.S. appear less intelligent compared to China, which had decisively banned Bitcoin under Xi Jinping’s leadership.

Even at 99, Munger continued his scathing critique of cryptocurrency earlier this year during the Daily Journal Corporation annual meeting, referring to it as “crypto crapple” or “crypto sh*t.” 

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Crypto Community Pays Tributes

Cryptocurrency enthusiasts, despite their disagreements with his views, showered Charlie Munger with RIP messages, acknowledging the end of an era with the passing of an investment titan.

Price Action: At the time of writing, BTC was trading at $37,951, up 2.10% in the last 24 hours according to Benzinga Pro.

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