Berkshire Vice Chair Charlie Munger Warns Most Crypto Investments Will Go to Zero

Warren Buffett’s right-hand man and the vice chairman of Berkshire Hathaway, Charlie Munger, has expressed his perception that almost all of cryptocurrency investments will change into nugatory. Regarding bitcoin, the chief opined: “That was the stupidest funding I ever noticed.”

Charlie Munger Continues to Slam Crypto

Berkshire Hathaway Vice Chairman Charlie Munger expressed criticism towards cryptocurrencies as soon as once more throughout an look at Zoom’s Zoomtopia convention on Thursday.

“Don’t get me began on bitcoins. That was the stupidest funding I ever noticed,” Munger exclaimed when he was requested about his outlook for bitcoin and different cryptocurrencies. He additionally predicted:

Most of these investments are going to zero.

The Berkshire government has lengthy been a vocal critic of cryptocurrencies. He beforehand known as bitcoin “rat poison” and likened its buying and selling to “buying and selling turds.” In February, he stated: “It’s simply ridiculous that anyone would purchase these things … It’s simply unspeakable, it’s an absolute horror, and I’m ashamed of my nation that so many individuals consider in this sort of crap, and the federal government permits it to exist.”

In July final yr, he stated he received’t contact crypto, advising everyone to “keep away from it as if it had been an open sewer filled with malicious organisms.” He beforehand likened crypto to “a venereal disease” and advocated for governments to ban them. Moreover, he wished crypto had “never been invented,” stating: “The entire rattling improvement is disgusting and contrary to the interest of civilization.”

Like Munger, Buffett can also be skeptical of bitcoin and different cryptocurrencies. After calling BTC “rat poison squared,” the Berkshire chairman and CEO in contrast bitcoin to a “gambling token.” In May final yr, he stated BTC “doesn’t produce something,” emphasizing: “If you informed me you personal the entire bitcoin on this planet and also you supplied it to me for $25, I wouldn’t take it as a result of what would I do with it? I’d should promote it again to you a technique or one other. It isn’t going to do something.”

What do you concentrate on Berkshire Hathaway Vice Chair Charlie Munger’s view of bitcoin and different cryptocurrencies? Let us know within the feedback part beneath.