Charlie Munger’s Bitcoin Disdain Contrasts with Cryptocurrency’s Rising Value

Charlie Munger, the late vice chairman of Berkshire Hathaway Inc., was known for his strong criticism of Bitcoin. During a shareholders meeting in May 2021, he openly referred to Bitcoin as “disgusting and contrary to the interests of civilization.” Munger, who partnered with Warren Buffett, expressed his disdain for the cryptocurrency’s growth, highlighting his concerns that it could support illegal activities such as kidnapping and extortion.

At the time Munger made his comments, one Bitcoin was valued at approximately $57,714. This price meant that a $1,000 investment would have bought around 0.017 Bitcoin. Fast forward to today, and the value of one Bitcoin has risen to about $67,503. Despite a challenging bear market in 2022 and 2023, which significantly affected Bitcoin’s value, the investment of 0.017 Bitcoin is now worth approximately $1,147, marking a 14% increase.

Bitcoin has outperformed many traditional assets over the last decade, outpacing both gold and equities. Recent figures show that Bitcoin has soared by 60% this year alone, while the S&P 500 and gold each saw increases of just 16%. After reaching an all-time high of $73,000 in March, the cryptocurrency has faced some fluctuations as investors took profits. As of now, Bitcoin’s trading price remains around $67,503, reflecting a generally stable market in the past 24 hours.