Charlie Munger compared trading cryptocurrencies to "trading turds". ha-ha. (Shareholder meeting 2018)

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Sean Hyman
Sean Hyman

Editor

Oh, it's far from just Buffett/Munger talking about how lousy bitcoin is. Think about what you're getting when you get it. You're getting something often hacked and stolen and a "currency" (which is not really a currency, but more like a payment system) that can drop like a stone from almost $20,000 to $3,000. So you dive right in if you're a believer. But if you're not willing to put money into it, then it means you're not a big enough believer in it.

20% of institutions are gamblers. You could also say 809% don't own it. Then you have to ask yourself, why doesn't 50% or 60% or 70% of institutions own it if its such a great deal. They're not all bankers or necessarily big owners in banks. Their investments will be diverse.

And Fidelity going into it means nothing. They'll get into anything that people will buy because they're in the "assets in" and "retain assets" business and the commission business. Just because something is for sale doesn't mean it should be bought or is a good buy.