Bitcoin is rat poison, according to Berkshire Hathaway Chairman and CEO Warren Buffett and Vice Chairman Charlie Munger. But for them, there is something even worse: AI.
The two business legends held their annual meeting in Omaha, Nebraska, along with co-chairs Greg Abel and Ajit Jain, and they spoke freely — not only about their businesses, but also their perspectives on geopolitics, finance and the future of investing.
For Warren Buffett, the constant development of AI tools can become a sword of Damocles capable of causing more harm to humanity than good, especially if society starts to rely too much on it.
“It can do all kinds of things, and when something can do all kinds of things, I get a little worried,”[ads1]; Buffett said of artificial intelligence. “I know we won’t be able to invent it, and you know, we invented — for very, very good reason — the atomic bomb,” he noted, in what may be the most fatalistic comparison he’s made since. when he said that Bitcoin was “rat poison”.
Charlie Munger, his right-hand man, was also on his side and shared similar opinions. “I’m personally skeptical of some of the hype that goes into artificial intelligence,” he said. Analyzing the impact of ChatGPT and other AI tools today, “I think old-school intelligence works pretty well,” he claimed.
Their voices join a chorus of technology and business experts warning against the dangers of accelerated and unsupervised training of powerful AI models. Apple’s co-founder, OpenAI’s former head of the AI customization team, and even the godfather of AI have all recently urged caution as AI begins to gain heat among investors, with the word starting to pop up in more headlines every day.
Investors and politics make stupid and stupid decisions
The duo also discussed Berkshire Hathaway’s business, noting that their investment portfolio grew by 13% in a year. They also reaffirmed their confidence in the US economy.
Charlie Munger curiously asked to strengthen friendly ties with China.
“I think we are equally guilty of being stupid. There is one thing we should do: let’s get along with China and we should have a lot of free trade with China in our mutual interest,” he said, referring to tensions between the two the countries and the consequences for the development of various industries globally. “Anything that increases the tension between the two is stupid. Stupid.”
During the event, none of them shared any love for Bitcoin or the cryptocurrency industry. However, they explained that it is currently easy for entrepreneurs to enter the business world, as there seems to be a greater appetite among investors to try new things in the markets.
“I would say there’s been a big increase in the number of people doing stupid things, and the reason they’re doing it to some extent is because they can get money from other people a lot easier than when we started.”
No one asked them about their views on Pepecoin.