No matter how right a person or an entity is, there must still be critics and haters. This is the situation the world’s flagship cryptocurrency, bitcoin has been dealing with since Satoshi Nakamoto created it.
Now, the Vice Chairman of Berkshire Hathaway, Charlie Munger has released quite harsh criticisms regarding the world’s number one blockchain-based digital currency.
In a chat with Yahoo Finance on May 7, 2018, the 94-year old man said that:
“The computer science behind bitcoin is a great triumph of the human mind. They created a product that’s hard to create more of but not impossible. [But] I see an artificial speculative medium. It’s anti-social and immoral.”
What would one expect from a 94-year old man who is well on his way to the great beyond? It’s not surprising at all to hear such comments from him.
Munger also said that:
“Suppose you could make a lot of money trading freshly harvested baby brains, Would you do it?” he asked, adding that: “To me, bitcoin is almost as bad.”
That’s not all, he also blasted bitcoin enthusiasts saying they are all suffering from dementia. In his words:
“I regard the whole thing as a combination of dementia and immorality. I think the people pushing it are a disgrace. There ought to be some things that are beneath you, that you just don’t do, and this is one.”
Bitcoin has quite a vast array of proponents and it also has its fair share of critics, many of which are simply afraid of the decentralization power of the blockchain-powered currency.
Bitcoin is not just an ordinary cryptocurrency that can be destroyed by the opinions of some uninformed persons as the digital currency is just so extraordinary. It might interest you to know that back in June 1999, even before the creation of bitcoin, Nobel Prize-winning economist Milton Friedman had already predicted its coming. He said that :
“The internet is going to be one of the major forces for reducing the role of government. The one thing that’s missing, but that will soon be developed, is a reliable e-cash: a method whereby on the internet you can transfer funds from A to B without A knowing B or B knowing A – the way in which I can take a $20 bill and hand it over to you, and there’s no record of where it came from.”
Notably, JPMorgan Chase CEO, Jamie Dimon used to be bitcoin biggest critic, calling bitcoiners “stupid” and threatening to sack any of his employees who bought bitcoin. However, the business mogul has since apologized, saying he regretted having said those wrong words.
Bitcoin has come to stay, and it can only go higher from here. Just like Jamie Dimon, critics will all eat their words soon.