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18 April 2021

Palihapitiya Replies to Munger’s Bitcoin is a “Scum Ball Activity” Assessment

Palihapitiya Replies to Munger’s Bitcoin is a “Scum Ball Activity” Assessment


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The Founder of Social Capital, Chamath Palihapitiya said Buffett, Munger, and Gates are wrong about their negative assessment of Bitcoin.

On Bitcoin, Buffett said, “the asset itself is creating nothing.” Whereas Munger led with “I think it’s a scum ball activity.” While Gates holds little hope of sustained price appreciation saying, “I would short it if there was an easy way to do it.”.

And look, I’m a disciple of Buffett and Munger, and one of the things that they have said for years, which I believe, is you define a circle of competence and you stay within it.”.

Answering the argument that Bitcoin is not technology, rather it’s a nonproductive asset similar to gold, Palihapitiya acknowledged this comparison.

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