New technology is upending everything in finance, from saving to trading to making payments.

Omaha, Nebraska

Warren Buffett does not like cryptocurrencies, a position he reiterated today at the Berkshire Hathaway annual meeting. His grievances against bitcoin and its ilk are many. It’s a nonproductive asset. It has no intrinsic value. It’s a breeding ground for “charlatans” who take opportunities to rip off people trying to get rich in something they don’t really understand.

Buffett’s record on tech investments is mixed. He rightfully resisted the excesses of the dot-com bubble, yet calls his decision to bypass on Amazon and Google mistakes. (He was also asked today why he’s not invested in Microsoft, with founder Bill Gates sitting just a few feet away; Buffett said their friendship could breed accusations of insider trading.) But on cryptocurrencies, he is unequivocal.

“Cryptocurrencies will come to bad endings,” said Buffett, 87. He then turned to his business partner, Charlie Munger, another outspoken crypto skeptic (paywall).

“I like cryptocurrencies a lot less than you do,” replied Munger, 94. “To me, it’s just dementia. It’s like somebody else is trading turds and you decide you can’t be left out.”