Renowned investor Charlie Munger, the vice chairman of Berkshire Hathaway Inc., passed away at 99, leaving behind a legacy of strong opposition to Bitcoin. His sentiments were shared by his longtime business partner, Warren Buffett, although they held distinct reasons for their skepticism. These views were often aired during Berkshire Hathaway’s annual shareholder meetings, known as the “Woodstock for Capitalists.”

During the 2021 shareholder event streamed by Yahoo Finance, Munger expressed his strong disapproval of Bitcoin, calling its success “detestable.” He criticized its utility for criminals and raised concerns about investing in a financial product created “out of thin air.”

In contrast, Buffett offered a different perspective, emphasizing the value of tangible, productive assets. He illustrated this with an example, stating that he would pay $25 billion for a 1% stake in all U.S. farmland or apartment buildings due to their ability to generate food and rental income. However, he found no appeal in owning Bitcoin, stating that it wouldn’t produce anything.

Buffett’s valuation method for productive assets versus Bitcoin drew a response from Munger, who remarked, “I have a slightly different way of looking at it.” This led to a humorous exchange where Buffett suggested selling Bitcoin to Munger.

Munger, throughout his life, had been critical of Bitcoin, labeling it as “evil” for its potential to undermine the U.S. financial system. He argued that Bitcoin made the U.S. appear less intelligent compared to China, which had banned Bitcoin decisively.

Even at 99, Munger continued his scathing critique of cryptocurrency earlier this year during the Daily Journal Corporation annual meeting, referring to it as “crypto crapple” or “crypto sh*t.”

Despite their disagreements with Munger’s views, the cryptocurrency community paid tribute to him, acknowledging the end of an era with the passing of an investment titan.