Berkshire Hathaway’s Vice Chairman Slams Bitcoin and Cryptocurrencies as Worthless and Stupid

Billionaire value investor Charlie Munger, Berkshire Hathaway’s Vice chairman, has reiterated his stringent disapproval of cryptocurrencies in a recent conversation and noted he believes that most investments in cryptocurrencies “are going to zero.”

During an appearance at Zoom’s Zoomtopia conference, the billionaire value investor said that Bitcoin “was the stupidest investment” he has even seen, and explained when asked about his outlook on BTC and other digital assets that “most of those investments are going to zero.”

Munger is a well-known crypto critic who in November 2017, at an event held by University of Michigan’s Ross School of Business where he was a guest, called Bitcoin a “total insanity” and added he believes it’s “perfectly asinine to even pause to think about them… It’s bad people, crazy bubble, bad idea, luring people into the concept of easy wealth without much insight or work.”

In a phone interview on CNBC’s “Squawk Box” in January 2018, Munger also called Bitcoin and other cryptocurrencies “bubbles,” while a month later he showed no affection to the cryptocurrency at the Daily journal’s 2018  annual shareholders meeting, where he answered questions. He said Bitcoin was a “noxious poison.”

Munger continued to criticize Bitcoin and other cryptocurrencies in April 2018, telling Yahoo Finance that those who bought them were gambling, not investing. His criticism continued over time.

As CryptoGlobe reported, during Daily Journal’s 2021 annual meeting, Yahoo Finance correspondent Julia La Roche presented questions from Daily Journal shareholders to Munger, and a couple of these were about Bitcoin.

In his responses, Mungr revealed he does not believe Bitcoin is going to be a medium of exchange for the world, noting it’s “too volatile to serve well as as a medium of exchange.” Per his words the cryptocurrency is “kind of an artificial substitute for gold and since I never buy any gold, I never buy any Bitcoin, and I recommend other people follow my practice.”

Featured image via Unsplash.

Source: Read Full Article