Warren Buffett’s right-hand man and the vice chairman of Berkshire Hathaway, Charlie Munger, has expressed his belief that the majority of cryptocurrency investments will become worthless. Regarding bitcoin, the executive opined: “That was the stupidest investment I ever saw.”
Charlie Munger Continues to Slam Crypto
Berkshire Hathaway Vice Chairman Charlie Munger expressed criticism toward cryptocurrencies once again during an appearance at Zoom’s Zoomtopia conference on Thursday.
“Don’t get me started on bitcoins. That was the stupidest investment I ever saw,” Munger exclaimed when he was asked about his outlook for bitcoin and other cryptocurrencies. He also predicted:
Most of those investments are going to zero.
The Berkshire executive has long been a vocal critic of cryptocurrencies. He previously called bitcoin “rat poison” and likened its trading to “trading turds.” In February, he said: “It’s just ridiculous that anybody would buy this stuff … It’s just unspeakable, it’s an absolute horror, and I’m ashamed of my country that so many people believe in this kind of crap, and the government allows it to exist.”
In July last year, he said he won’t touch crypto, advising everybody to “avoid it as if it were an open sewer full of malicious organisms.” He previously likened crypto to “a venereal disease” and advocated for governments to ban them. Moreover, he wished crypto had “never been invented,” stating: “The whole damn development is disgusting and contrary to the interest of civilization.”
Like Munger, Buffett is also skeptical of bitcoin and other cryptocurrencies. After calling BTC “rat poison squared,” the Berkshire chairman and CEO compared bitcoin to a “gambling token.” In May last year, he said BTC “doesn’t produce anything,” emphasizing: “If you told me you own all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything.”
What do you think about Berkshire Hathaway Vice Chair Charlie Munger’s view of bitcoin and other cryptocurrencies? Let us know in the comments section below.