Some famous investors firmly believe that cryptocurrency is the future of money, while other billionaires wish Bitcoin was never invented.
Charlie Munger is the vice-chairman of holding company Berkshire Hathaway and a business partner of one of the world’s wealthiest personas, Warren Buffett. Munger has never been fond of cryptocurrencies, and at the Daily Journal’s annual , he criticized the US government for not acting against crypto. He then praised China’s prompt move to ban cryptocurrencies.
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“Why should a civilized government want an ideal untraceable technology to come into the payment system run by a bunch of people who want to get rich quick for doing very little for civilization,”
the 98-year-old billionaire said.
Munger never invested in cryptocurrencies and compared crypto to a venereal disease that he’s been avoiding.
At the annual Berkshire Hathaway shareholders meeting on May 2021, Munger also strongly cryptocurrency:
“Of course, I hate the Bitcoin success, and I don’t welcome a currency that is so useful to kidnappers, and extortionists, and so forth. Nor do I like just shuffling out a few extra of billions and billions and billions of dollars for somebody who just invented a new financial product out of thin air. I should say modestly that I think the whole development is disgusting and contrary to the interests of civilization.”
On the Flipside
- Berkshire Hathaway has recently bought $1 billion worth of stock in a crypto-friendly bank.