Buffett/Munger have always argued that Gold and other commodities are equally worthless investments based on fear and ponzi like attributes[1]. No surprise then they feel even worse about Bitcoin.

The interesting thing here is that the common response here is: "Hey that's a great theory, but in real life, I just paid off my mortgage with my proceeds from bitcoin."

While perhaps true, such rebuttals ignore the arguments being made by folks like Buffett around predictability, likelihood of a return, confidence in underlying asset value, volatility etc... So the argument isn't about whether or not you can make money on these things, it whether it's a prudent instrument to invest your money into.

[1] http://www.minyanville.com/trading-and-investing/commodities...