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

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


The Founder of Social Capital, Chamath Palihapitiya said Buffett, Munger, and Gates are wrong about their negative assessment of Bitcoin. Like Buffett and Munger, the Canadian venture capitalist is also considered something of a savvy investor. However, when it comes to cryptocurrency, that’s where the similarities end.

Palihapitiya Defends Bitcoin

During a CNBC interview, a series of short clips featuring Buffett, Munger, and Gates was shown.

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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.”

Responding to the comments Palihapitiya said he thinks all three are wrong. Explaining further, he was quick to credit Buffett and Munger, adding that he considers himself a disciple of their achievements. But he also pointed out that technology falls outside of their “circle of competence.”

“Look, not everybody

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