- Warren Buffett’s right-hand man, Charlie Munger, continued his criticisms of Bitcoin and cryptocurrencies during a Zoom conference.
- Charlie Munger has something that occupies his mind more than anything else, and that’s cryptocurrencies, especially Bitcoin, to which he can’t add enough colorful adjectives.
- Munger is likely right about at least one of his crypto predictions, which is that most crypto investments will go to zero.
Warren Buffett’s right-hand man, Charlie Munger, reacted harshly to questions about Bitcoin and cryptocurrency at a conference he attended.
Charlie Munger Doesn’t Change His View on Bitcoin
Warren Buffett’s right-hand man, Charlie Munger, delivered sharp responses to questions about Bitcoin and cryptocurrencies at a conference. Charlie Munger is the Vice Chairman of Berkshire Hathaway, a company that has managed incredibly successful investments alongside Chairman Warren Buffett for many years.
At 99 years old, Berkshire Hathaway’s Vice Chairman is still working and speaking at conferences, demonstrating his good health and strong willpower.
However, in the world of investments, there’s something that occupies Munger’s mind more than anything else, and that’s cryptocurrencies, especially Bitcoin, to which he can’t add enough colorful adjectives.
Aware that his comments could spark potential outrage, they asked Munger about his predictions for Bitcoin and other cryptocurrencies at the Zoom Zoomtopia Conference. Munger stayed true to form and said:
“Don’t make me talk about plants. “The stupidest investment I’ve ever seen.”
Munger also had very critical remarks about cryptocurrencies in general:
“Most of these investments will go to zero.”
Why is Munger taking such a harsh stance?
When it comes to cryptocurrencies, Charlie Munger might have a lot at stake. He and Buffett, as well as Berkshire Hathaway, are deeply tied to the existing monetary system, and the success of cryptocurrencies is likely to deviate from the dollar system they hold dear.
Having navigated the intricacies of banking, cash flows, and asset investments for years, it’s highly probable that Munger finds dealing with a competing system with its own set of complexities almost impossible. At 99 years old, it might be a bit late to start with the fundamental components of the crypto sector.
Fortunately, it must be said that Munger is probably right about at least one of his crypto predictions, which is that most crypto investments will go to zero. This is probably a necessary outcome. There are far too many cryptocurrencies, and, like the dot-com era, the unnecessary clutter in the industry needs to be wiped out.
However, calling Bitcoin a ‘flimsy currency’ is quite a crude expression. Larry Fink, who oversees a much larger business than Munger, probably understands assets in the same way. After labeling Bitcoin as a ‘sign of money laundering’ back in 2017, Fink managed to change his mind. He now calls Bitcoin an ‘international asset’ and describes it as ‘digital gold.’
It’s genuinely sad to see someone with such a respected career struggle to see the future and risk going down in history like the founders of the Flat Earth Society.
