Charlie Munger, Daily Journal Chairman and Berkshire Hathaway Vice Chairman, explains why he never buys bitcoin.

Video Transcript

CHARLIE MUNGER: I do think that a properly run bank is a great contributor to civilization. And the central banks of the world like controlling their own banking system and their own money supplies. So I don't think Bitcoin is going to end up the medium of exchange for the world. It's too volatile to serve well as a medium of exchange.

And it's really kind of an artificial substitute for gold. And since I never buy any gold, I never buy any Bitcoin. And I recommend that other people follow my practice.