Bitcoin - "Wall Street's Bitcoin Is Not Your Bitcoin"

  Bitcoin- "Wall Street's Bitcoin Is Not Your Bitcoin" Bitcoin's ( USD (BTC-USD)58,075.53+1,144.7695 (+2,0108%) impressive performance or itself from last year,   Charlie Munger, vice president of Berkshire Hathaway, delivered a speech at the annual meeting of the multinational conglomerate on Saturday. Munger, who has made it clear that he doesn't admire Bitcoin's ( USD (BTC-USD)58,075.53+1,144.7695 (+2,0108%) impressive performance or itself from last year, said that the leading cryptocurrency is too volatile this year to be considered a global exchange tool. Making it clear that his discontent reached hateful proportions, Munger said, "Of course I hate the success of Bitcoin. I do not welcome a currency that is so useful to smugglers and extortionists. "I think I must modestly say that I think these developments are against the interests of civilization." This success that Munger spoke about was BTC's price increase of over 90 % to date. Berkshire shares clearly outperformed the S&P 500's performance this year, pale next to the leading cryptocurrency. Looking at the past 52 weeks; BTC's earnings of more than 500 % versus Berkshire, which earned 50,5 %, fully explains Munger's anger. Given Munger's outspoken hatred of the leading cryptocurrency, which is quickly accepted as a respected and investable asset on Wall Street, it was probably a good thing for the 97-year-old financier to have no investment in Dogecoin. The mem-based crypto currency, which started as a joke in 2013, has increased by over 7,900 % to date. Meanwhile, Warren Buffett, Munger's boss, Berkshire's President and CEO, struggled to comment on Bitcoin. Buffett, who previously referred to Bitcoin as a gambling tool, refused to answer the question about the digital currency.    

Source: Yahoo.Finance

 

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