The ‘noxious poison’ says the Billionaire vice-chair of Warren Buffett’s investment firm Berkshire Hathway. He said he would consider the bitcoin craze to be “totally asinine.”
Charlie Munger, the Warren Buffett’s long-trusted deputy says Bitcoin is “craze as totally asinine.” He said this in Los Angeles during a Berkshire Hathaway annual meeting.
One of the concerns for him is that it is a channel people want to make money.
“I expect the world to do silly things from time to time because everybody wants easy money.”
The 94-year-old billionaire investor said it is disgusting that people are “taken in by something like this.” Additionally, the approach by the government about Bitcoin issues is “lax.” The right approach to something that is bad is to step on it “hard” according to him.
The opinion is not surprising given that many regulators view cryptocurrencies as having little protection for the customer. However, that is likely to be the main selling point for many cryptocurrencies. Many do have so many other applications though. Regulation is one of the factors that will have a significant impact on crypto in future.
Made money from organized common sense
Munger does not know whether there is overvaluation of Google and Alibaba and other companies. He also does not know what impacts artificial intelligence will have in future.
“I’ve done so well in life by using the organized common sense that I never wanted to get into fields like AI,” he said.
Munger earned a lot from stocks.
However, to many Bitcoin enthusiasts, he is another outspoken Bitcoin critic. This is in addition to a host of other criticisms. A few investors and leaders in the banking fields say the cryptocurrency is a bubble. This is as cryptocurrency gain popularity especially last year. In addition to customer protection, volatility is one of the most critical concerns.