Coachella for Capitalists: Why Bitcoin Topped the Bill at Berkshire Hathaway’s AGM

He called it Woodstock for capitalism, Coachella for capitalists, and much worse.

What is certain is that Berkshire Hathaway’s annual general meeting is a must-have event for market lovers.

While our UK readers may have been taking a break during the public holiday, the long weekend saw plenty of fiery comments from famous Berkshire leaders Warren Buffett and Charlie Munger, not least on the future of cryptocurrencies like Bitcoin.

“Whether it goes up or down next year, or five or 10 years, I don’t know. The only thing I’m absolutely sure of is that it’s not producing anything,” Buffett said.

What is the value of bitcoin stock in the entire world? Not even $25, according to the Oracle of Omaha.

Munger added, “In my life, I try to avoid things that are stupid, evil, and make me look bad in comparison to someone else…and bitcoin does all three.”

Robinhood – which owes much of its success stemming from the shutdown to crypto trading volumes – also came to take another blow from Munger.

God is “fair” he said, as the day-trading platform continues to lose customers and report stalled revenue.

The ongoing criticism of bitcoin is the latest rocket in a war of words between Berkshire bosses and crypto enthusiasts like Peter Thiel.

Last month, billionaire businessman described Buffett as a major “enemy” of bitcoin and part of the “financial aging government” that has stymied crypto adoption — a club that also includes JPMorgan CEO Jamie Dimon and BlackRock CEO Larry Fink.

Crypto enthusiasts at Thiel were quick to respond once again after Berkshire AGM.

“They’re not exactly the most advanced investors in technology,” said Eric Chen, co-founder and CEO of Injective Labs. “Actually, I think this goes more towards emphasizing that space is really disrupting something,”

David Tawil, president and co-founder of crypto-asset fund ProChain Capital, noted that it was “decades before… [Berkshire] I decided to go ahead and invest in Apple.”

In case you missed any action from the event, see below for the most popular topics.

We’ve also got a roundup of what you need to know as cryptocurrencies face a challenging path – down around 13% year-to-date so far, big names like Anne Boden of Starling Bank are among the latest to take a skeptical note about bitcoin’s fortunes in recent days. .

Regulators around the world are also stepping up their scrutiny of the sector.

Last week, CFTC Chairman Rustin Behnam told the audience at the City Week 2022 conference that giving companies permission to survey crypto derivatives directly is not a given.

“It might not seem like a big problem, but it is an important issue. It proposes and presents a very different model of market structure that has some opportunities, but certainly some risks,” Behnam said.

Meanwhile, the US Department of Labor said it has “serious concerns” about Fidelity’s bitcoin pension plan, putting a potential wrench in the works for companies looking to expand the reach of cryptocurrencies in the retirement space.

Everything you need to know from the famous Annual General Assembly in Berkshire

Warren Buffett and Charlie Munger Criticize Bitcoin at Berkshire’s AGM But Crypto Enthusiasts Are Unmoved

Why Warren Buffett says markets are a ‘gambling hall’

Berkshire Hathaway’s Charlie Munger hits Robinhood again

Warren Buffett is still setting the tone for Berkshire. How much longer? (The Wall Street Journal)

And about current coding problems

The Fed Won’t Rescue the Bitcoin Bear Market

Ann Boden, CEO of Starling, warns that many crypto transactions are fraudulent

US Labor Department Has ‘Serious Concerns’ About Fidelity’s Bitcoin Pension Plan

The Securities and Exchange Commission (SEC) is working to strengthen crypto enforcement. Its purpose is basically everything (Baron)

The New Way to Get Tax Relief: NFT and Crypto Donations (The Wall Street Journal)

To contact the author of this story and inform them of feedback or news, send an email to Justin Cash

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