- Berkshire Hathaway Vice Chairman Charlie Munger slammed bitcoin at the company’s annual meeting, saying bitcoin investots share the values of Judas Iscariot.
- Both Charlie Munger and Warren Buffett have long been critics of bitcoin and cryptocurrency.
- Follow Markets Insider’s coverage of Berkshire Hathaway’s annual meeting.
Berkshire Hathaway Vice Chairman Charlie Munger said he finally discovered what bitcoin investors do during their “happy hour” events. The billionaire investor was invited to an event by a cryptocurrency investment group, adding that his social standing had reached new levels.
After attending the event, Munger said he divined that bitcoin investors gather together to “celebrate the life and work of Judas Iscariot.” Munger previously decried trading in the asset class, saying it was “just dementia.”
“And I think the people who are professional traders that go into trading cryptocurrencies, it’s just disgusting,” he added. “It’s like somebody else is trading turds and you decide, ‘I can’t be left out.'”
Munger’s investment partner, Warren Buffett, has also criticized the asset class. In a May 2018 interview with CNBC, Buffet said bitcoin was “probably rat poison squared.” Buffett also said the cryptocurrency would “definitely come to a bad ending.“
Bitcoin has fallen sharply from its December 2017 high of $19,843. However, its up 55% this year, trading at $5,689 a coin.