2021: Is crypto worthless?

BECKY QUICK: This question comes from Ragu Boshwell, and it’s for both Warren and Charlie. Now that the crypto market overall is valued at $2 trillion, do you still consider cryptos as worthless artificial gold?

WARREN BUFFETT: Yeah, I knew there’d be a question on Bitcoin. I thought to myself, “Well, I’ve watched these politicians dodge questions all the time.” I always find it kind of disgusting when they do it. But the truth is, I’m going to dodge that question because we’ve probably got hundreds of thousands of people watching this that own Bitcoin, and we’ve got two people that are short. We’ve got a choice of making 400,000 people mad at us and unhappy and/or making two people happy. That’s just a dumb equation. I thought about it. We had a governor one time in Nebraska, a long time ago. He would get a tough question, what do you think about property taxes or what should we do about schools? He’d look right at the person, and he’d say, “I’m all right on that one,” and he’d just walk off. Well, I’m all right on that one and maybe we’ll see how Charlie is.

CHARLIE MUNGER: Well, those who know me well are just waving the red flag at the bull. Of course, I hate the Bitcoin success and I don’t welcome a currency that’s so useful, and the kidnappers in our stores and so forth, nor do I like just shuffling out a few extra billions and billions and billions of dollars to somebody who just invented a new financial product out of thin air. I think I should say, modestly, that I think the whole damn development is disgusting and contrary to the interests of civilization, and I’ll let leave the criticism to others.

WARREN BUFFETT: I’m all right on that one.