Charlie Munger is Buffet’s right-hand man, and he shares many views with his long-time friend. Buffet called Bitcoin “rat poison squared” and now Munger has joined in with the insults and recently compared crypto to venereal disease.
At nearly a hundred years old, Munger is probably at the wrong time of life for such a disruptive technology as cryptocurrency. His statements show that he has as little knowledge of private digital assets as his friend Warren Buffet.
When a shareholder recently asked Munger it he’d missed a trick by not investing in crypto, he really put his views into perspective by saying:
“I’m proud of the fact that I avoided it. It’s like some venereal disease or something. I just regard it as beneath contempt. Some people think it’s modernity and they welcome a currency that’s useful in extortions and kidnappings and so on and so on, tax evasions.”
Munger certainly isn’t a fool. You don’t work closely with Warren Buffet for decades and build a personal fortune worth $2.4 billion if you don’t know something about investing.
However, both Munger and Buffet’s comments are so devoid of any reasoning or understanding that it is a bit of a wonder that they have both taken so much against cryptocurrencies.
To be honest, they aren’t alone in their hatred. Nouriel Roubini is an economist and professor at New York University. He almost spits when he talks about “sh*tcoins” that are hyped up and fraudulent.
Joseph Stiglitz is another economist, and a professor from the Columbia Business School. He believes that Bitcoin doesn’t have any purpose other than for criminals, and thinks all cryptos should be outlawed.
Bill Gates is one more detractor from the anti-crypto ranks. He actually told the Entrepreneur back in 2014 that Bitcoin was superior to currency in some instances, but later changed his mind, saying that it was being used to buy “fentanyl and other drugs”.
Although mainstream media is always extremely happy to publish the musings of such crypto haters as those mentioned, their denouncements never seem to contain any credible reasoning, and they all seem to prefer to just throw mud at crypto technology.
At the age of 98 Munger may not have a lot of time to spend looking into blockchain and cryptocurrency. This is very understandable, although it could be argued that if he wants to be so vociferous in his opposition, then the least he could do is a bit of homework.
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