Charlie Munger, Berkshire Hathaway’s Vice Chairman and Warren Buffet’s right-hand man, recently spoke about his belief that most crypto investments are slated to become worthless soon. For Bitcoin investments, the executive even said, “That was the stupidest investment I ever saw.”
Sounds shocking – here’s a breakdown of what Munger exactly said.
Charlie Munger Slams Crypto Investments In Public:
On Thursday, Charlie Munger made an appearance at Zoom’s Zoomtopia conference. During his appearance, Munger wasn’t shy about expressing his criticisms of cryptos.
When asked about his opinion on Bitcoin and other cryptos, Munger said, “Don’t get me started on bitcoins. That was the stupidest investment I ever saw. Most of those investments are going to zero.”
Munger has been vocal about his criticisms of crypto investments for some time now. Previously, he had even called Bitcoin ‘rat poison,’ likening Bitcoin trading to ‘trading turds.’
Then, in February, he again spoke about crypto, his dislike obvious when he said, “It’s just ridiculous that anybody would buy this stuff … It’s just unspeakable, it’s an absolute horror, and I’m ashamed of my country that so many people believe in this kind of crap, and the government allows it to exist.”
Last year, in July, he said he would not touch crypto and advised everyone to just “avoid it as if it were an open sewer full of malicious organisms.”
Munger has also likened cryptocurrencies to ‘a venereal disease,’ advocating for governments to even ban them. He further wished that cryptocurrencies should not even have been invented, stating, “The whole damn development is disgusting and contrary to the interest of civilization.”
Munger Is Not Alone:
Munger is not the only one criticizing crypto investments.
Buffet also happens to be skeptical about Bitcoin and other cryptos. The Berkshire CEO and chairman called BTC ‘rat poison squared,’ comparing Bitcoin to a mere ‘gambling token.’
Last year, in May, Buffet said that BTC “doesn’t produce anything.”
He further emphasized, “If you told me you owned all of the bitcoin in the world, and you offered it to me for $25, I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything.”