Crypto community lashes out at Buffett, Munger for harsh criticism

economictimes.indiatimes.com:

Warren Buffett and his partner Charlie Mungers, have once again criticised the Bitcoin and cryptocurrencies, for not being a productive asset. At the Berkshire Hathaway Annual Shareholder meeting, the billionaire investment guru said that he will not buy all the Bitcoins available even for $25. Berkshire Hathaway's vice chairman Charlie Munger, also repeated his well-known derision of Bitcoin and cryptocurrencies. The community has responded to the criticism with hatred of its own.

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“In my life, I try and avoid things that are stupid and evil and make me look bad in comparison to somebody else – and Bitcoin does all three,” Munger said. “In the first place, it’s stupid because it’s still likely to go to zero." According to industry players, Buffett has not been a big admirer of technology. Berkshire Hathway invested in Apple, its first tech investment, in 2016. Interestingly, Buffett considers Apple as a consumer company, and not a technology company. Dileep Seinberg, Founder and CEO, MuffinPay, a bill payment & utility token said that the world is divided between believers and non-believers of the new medium of transactions. «Eventually, it will evolve in a manner software industries have grown over decades which does not produce anything tangible like real estate or physical products,» Seinberg added. Both Buffett and Charlie Munger have made hostile comments toward bitcoin in the past. Most famously, Buffett said bitcoin is 'probably rat poison squared.' Munger doubled down on that sentiment. Market participants said that critical and harsh comments