Billionaire Investor Charlie Munger Reiterates Disapproval of Cryptocurrencies
Charlie Munger, the vice chairman of Berkshire Hathaway and a billionaire value investor, has once again expressed his strong disapproval of cryptocurrencies. During a recent conversation at Zoom’s Zoomtopia conference, Munger called Bitcoin “the stupidest investment” he has ever seen and stated that he believes most investments in cryptocurrencies are destined to become worthless.
A History of Criticism
Munger has been a vocal critic of cryptocurrencies for several years. In 2017, he referred to Bitcoin as “total insanity” and dismissed the idea of easy wealth without effort or insight. He has consistently referred to Bitcoin and other cryptocurrencies as bubbles and even described them as a “noxious poison.”
Gambling, Not Investing
In April 2018, Munger told Yahoo Finance that those who bought cryptocurrencies were engaging in gambling rather than investing. This sentiment was echoed during the Daily Journal’s 2021 annual meeting when Munger stated that he does not believe Bitcoin will become a widely used medium of exchange due to its volatility. He sees it as an artificial substitute for gold and recommends against investing in it.
Hot Take: Munger Doubles Down on Crypto Criticism
Charlie Munger, the vice chairman of Berkshire Hathaway, continues to voice his strong disapproval of cryptocurrencies. He believes that most investments in digital assets, including Bitcoin, are bound to become worthless. Munger has a long history of criticizing cryptocurrencies, calling them “total insanity” and dismissing them as bubbles and noxious poisons. He sees Bitcoin as too volatile to serve as a medium of exchange and recommends against investing in it. Despite the growing popularity of cryptocurrencies, Munger remains steadfast in his negative outlook on the industry.
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