Berkshire's Charlie Munger: 'Bitcoin is worthless, artificial gold'

Berkshire's Charlie Munger: 'Bitcoin is worthless, artificial gold'

Gates believes that Bitcoin and ICOs are "some of the crazier, speculative things" said Gates. And to be fair, bitcoin and other cryptocurrencies had a hard weekend before Gates's comments. He also stated that these digital currencies "caused deaths in a fairly direct way".

Bitcoin had been closing in on $10,000, however it fell practically 6% Sunday and was down one other 2% Monday to only over $9,300. "As an asset class, you're not producing anything and so you shouldn't expect it to go up", he said. "People like to speculate, they like to gamble", he added. He also said that bitcoin is a "greater fool theory" kind of investment.

The interview then moved to Microsoft founder and multi-billionaire Bill Gates.

Buffett said he would be happy to see the Apple share price fall if it would spur repurchases.

Munger has additionally referred to bitcoin as poison.

"In terms of cryptocurrencies, generally, I can say with nearly certainty that they will come to a bad ending", the chairman and CEO of Berkshire Hathaway said. "If I could buy a five-year put on every one of the cryptocurrencies, I'd be glad to do it but I would never short a dime's worth".

Charlie Munger, a Berkshire vice chairman and longtime associate of Buffett, described bitcoin as "worthless artificial gold". Renowned investor and the chairman and chief executive of Berkshire Hathaway, Warren Buffett likened bitcoin demand to the tulip mania in 17th century Holland.

I like cryptocurrency even less than Warren does.to me it's just dementia.

However, I'd be inclined to say that the comments of Buffett, Munger, and Gates could be weighing on the cryptocurrency markets on Monday.

As CCN previously reported, Gates blames bitcoin for drug deaths, claiming cryptocurrencies are go-to vehicles for illegal drug sales and money-laundering.

However, Europe's biggest bank by assets said this would likely be the only share buyback this year, as CEO John Flint looks to deploy more capital into its businesses to tap growth opportunities.

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