Charlie Munger Blasts Crypto ‘Stinkball’
In a recent interview with WSJ, Charlie Munger compared the cryptocurrency industry to a dirty prank. In his latest comments deriding the asset class, the Berkshire Hathaway vice chairman called the blockchain industry a “stinkball” in finance.
Crypto X Reacts to Billionaire’s Gibe
In response to the jovial investment legend’s merciless teasing and mockery, the crypto community had some stiff rejoinders. A verified account with the screen name “Cute Baby” said: “Although I fully respect Mr Munger, I wouldn’t get bitcoin advice from someone born in 1924.” It’s harsh but true. Mr. Munger was born in the 1920s, and he and longtime investing partner Warren Buffett have always been late to invest in disruptive tech. Neither one of them are computer buffs, and one of the keys to their investment philosophy is to “invest in what you know.” Meanwhile, Andrew Fenton quipped: “Charlie is old enough to have watched the transition from hunter gatherer to civilisation.”
How Crypto Fits Charlie Munger Investment Style
But here’s how cryptocurrencies like Bitcoin can actually align with Charlie Munger’s main investing principles for investors who are knowledgeable about how blockchains and digital assets work. The Berkshire boys advise investing in what you know and at a price that is a value or, better yet, a great bargain. Those who know about and understand the Bitcoin market cycle have an enormous advantage when investing in crypto. Buffett and Munger also like businesses with durable competitive advantages and talented leaders with integrity. For those who are familiar with the Bitcoin whitepaper and its pseudonymous author, Satoshi Nakamoto, Bitcoin and some of its competitors sure fit the bill.
Hot Take: Charlie Munger’s Views on Cryptocurrency
Charlie Munger’s recent comments calling cryptocurrency a “stinkball” may not sit well with crypto enthusiasts, but it’s essential to remember that every investor has their own views and preferences. While Munger’s opinions may not align with those in the crypto space, it’s important for investors to conduct thorough research and make informed decisions based on their understanding of different asset classes.
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