While Buffett compared the surge in bitcoin's demand to the tulip bulb frenzy in 17th century Holland, Munger opted for an Oscar Wilde reference and called the commodity "the pursuit of the uneatable by the unspeakable". For example, Buffett has acknowledged that he regrets not getting in on Amazon years ago.
Strangely enough, that was not the most extreme comment reserved for cryptocurrency at the recent Berkshire Hathaway annual meeting. According to CCN, he said the system is a "joke", likening that to putting some value to checks just because they are used to transmit money. He argued that cryptos are not good investments as they are not sustainable.
Buffett says he doesn't think the stock market is overpriced compared with other options even though he's had trouble finding entire businesses to buy at reasonable prices.
"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".
Though some rich Billionaires have been trashing Bitcoin, a lot of the new age investors are extremely bullish on the impact Cryptocurrencies would have on the society. Buffett has also previously stated that he will never buy cryptocurrencies, citing a lack of understanding of the asset as well as a distaste for the volatility. He also added that Buffett "is making a big mistake" on cryptocurrencies.
At the same time, Bill Gates criticized Initial Coin Offerings (ICOs) saying that they are insane and 'speculative things.' ICOs allow start-ups and enterprises to crowd-fund their projects by issuing tokens.
Bitcoin, meanwhile, has tested the $10,000 mark on the charts and has briefly dipped down to the $9,300 mark. It's no longer feasible to "mine" for Bitcoins using a consumer graphics card, but there are several other currencies where it is, which are sometimes traded for Bitcoin.