Home Depot (HD) co-founder Ken Langone doesn’t understand cryptocurrencies and doesn’t want to.
Langone, whose net worth is around $3.5 billion, told Yahoo Finance’s Jen Rogers in an interview that the whole concept of cryptocurrency was something beyond his reach.
“I don’t know what the hell it is. … I don’t have any interest,” the 82-year-old investor said. “All I know is I got a credit card and it gets accepted wherever I go. I have money in my pocket. I stopped and bought a bagel this morning. I gave the guy a $10 bill, and he gave me the change.”
Langone, concluding his riff on crypto, added that “I don’t understand it. I don’t think I’m smart enough to understand it. And I’m sure it’s going to pass me by.”
Langone’s sentiments on the new technology are mild compared to other business titans.
During the annual Berkshire Hathaway Shareholder’s meeting, Berkshire Hathaway co-founder and longtime Warren Buffet business partner Charlie Munger had some choice words for cryptocurrency investors:
“I think people who are professional traders that are going to trade cryptocurrencies, it’s just disgusting,” the 94-year-old investor said. “It’s like someone else is trading turds and you decide I can’t be left out.”
Buffett, 87, told Yahoo Finance that “if you buy something like bitcoin or some cryptocurrency, you don’t have anything that is producing anything. You’re just hoping the next guy pays more. …
“You only feel you’ll find the next guy to pay more if he thinks he’s going to find someone that’s going to pay more. You aren’t investing when you do that, you’re speculating.”
Younger billionaires have also trashed cryptocurrencies. In April, tech mogul Mark Cuban said: “I see gold and bitcoin as being the same thing. They’re book collectibles. Their value is based off of supply and demand. … I’d sooner buy a pet rock.”
Follow Aarthi on Twitter.
- Warren Buffett on buying bitcoin: ‘That is not investing’
- Billionaire Ken Langone on income inequality: ‘My driver is very happy’
- Langone on GE: ‘A bunch of people, including me, made a bad decision’