Charlie Munger, Warren Buffett’s Longtime Partner, Passes Away at 99
Charlie Munger, the vice chairman of Berkshire Hathaway and longtime business partner of Warren Buffett, has died at the age of 99, according to an announcement by the company. Munger was known for his memorable criticisms of various investments, and one asset that particularly drew his disdain was Bitcoin.
Munger’s Famous Criticism of Bitcoin
In 2013, when Bitcoin was valued at $150, Munger famously referred to it as “rat poison.” When asked about his comments five years later, with Bitcoin trading at $9,000, he quipped that it was now “more expensive rat poison.” He dismissed the returns made by Bitcoin investors as “idiot booms” that harmed the United States.
Berkshire Hathaway Annual Meetings and Crypto
Berkshire Hathaway’s annual meetings were renowned as gatherings for capitalists and featuring Munger and Buffett on stage was a major attraction. These meetings often saw colorful language used when discussing cryptocurrencies. In 2018, Munger criticized Bitcoin for being stupid, evil, and making the US look foolish compared to China’s ban on the asset.
Continued Disdain for Cryptocurrency
Munger remained highly critical of cryptocurrency even in his later years. In early 2022, he labeled it as disgusting and beneath contempt, comparing it to a venereal disease. At the Daily Journal Corporation annual meeting earlier this year, he called it “crypto crapple” and “crypto shit,” emphasizing its worthlessness and danger.
Munger’s Impact and Passing
Munger’s straightforward critiques may have unsettled cryptocurrency supporters but they were in line with Berkshire Hathaway’s public image. He worked closely with Buffett for many years, offering investment wisdom that was almost as quotable as Buffett himself. Berkshire Hathaway announced Munger’s peaceful passing in a California hospital, with Buffett acknowledging his significant contribution to building the conglomerate.
Hot Take: Charlie Munger’s Legacy and Cryptocurrency
Charlie Munger, the legendary investor and Warren Buffett’s longtime partner, had a strong aversion to cryptocurrency throughout his life. He famously referred to Bitcoin as “rat poison” and consistently criticized its value and impact on society. Munger’s candid remarks were part of Berkshire Hathaway’s folksy public image, and he played a crucial role in the company’s success. While his opinions may have irked crypto enthusiasts, they were consistent with his investment philosophy. Munger’s passing marks the end of an era for Berkshire Hathaway and leaves behind a legacy of unwavering skepticism towards cryptocurrencies.
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