GLJ Research CEO Gordon Johnson intensified criticism of Bitcoin BTC/USD on Thursday, echoing late Berkshire Hathaway Inc. Vice Chairman Charlie Munger‘s skepticism and targeting major financial institutions for their role in cryptocurrency markets.
What Happened: “Bitcoin, as Charlie Munger said, is rat poison,” Johnson wrote on X. “It has no use case, generates no value/cash-flow, & is worthless.” He specifically called out BlackRock Inc. and Fidelity Investments for profiting from trading fees while fueling what he describes as a speculative bubble.
Johnson’s comments come as Bitcoin trades near $97,843, after recently surpassing the $100,000 mark. He emphasized that crypto miners quickly convert Bitcoin to traditional currency to cover operational costs, suggesting this undermines claims about the cryptocurrency’s long-term value.
Why It Matters: The criticism aligns with views expressed by Munger, who passed away in November 2023 at age 99. During Berkshire Hathaway’s 2022 shareholder meeting, Munger strongly advised against including Bitcoin in retirement accounts.
Munger’s longtime business partner, Berkshire CEO Warren Buffett, shared similar concerns, having famously labeled Bitcoin as “rat poison squared.”
These skeptical views stand in contrast to growing institutional acceptance, marked by the SEC’s approval of spot Bitcoin ETFs. Major financial firms including BlackRock and Fidelity have launched Bitcoin funds, with products like iShares Bitcoin Trust IBIT and Fidelity Wise Origin Bitcoin Fund FBTC attracting significant investor interest.
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