Berkshire Hathaway’s billionaire vice chairman Charlie Munger is doubling down on his criticism of leading cryptocurrency Bitcoin (BTC). He also describes the recent hype around artificial intelligence (AI) as overhyped.
Artificial intelligence rumors and Munger’s approach
Artificial intelligence, like cryptocurrency, is rapidly gaining traction in various sectors of the global economy. Platforms like Binance incorporate emerging technology into various processes. However, Munger, a close friend and advisor to Warren Buffett, is not happy with this trend. “I believe it has received an overwhelming amount of attention,” Munger said, according to Fortune. “It probably gets more attention than it deserves,” he says.
Munger acknowledges the importance of AI breakthroughs. But he’s not convinced about the “hype” potential. Their skepticism about artificial intelligence is not new. The 99-year-old billionaire previously expressed skepticism at Berkshire Hathaway’s shareholders meeting, stating that old-fashioned intelligence works well and warning against unrealistic expectations surrounding artificial intelligence. While some predict that artificial intelligence could lead to a utopian future with longer lifespans and the elimination of disease, Munger dismisses such concepts as “wild hype.” He also sees AI as a mixed blessing.
Billionaire destroys leading cryptocurrency Bitcoin
Coming back to cryptocurrencies, Munger is outspoken. When asked about Bitcoin and other crypto assets, he bluntly said, “Don’t get me started on Bitcoins! “This was the stupidest investment I have ever seen,” he says. Moreover, he says, cryptocurrency investments are doomed to be worthless.
Munger’s criticisms of crypto are not new either. cryptokoin.comAs you may have seen from , he has compared Bitcoin to “rat poison” in the past. He also equated other cryptocurrencies with harmful infections. This led to reactions and discussions on social media. Moreover, last February, Munger called on the US government to ban Bitcoin, calling it speculative gambling. Buffett shares Munger’s skepticism towards Bitcoin. He describes it as a “gambling token.” Meanwhile, JPMorgan Chase CEO Jamie Dimon also compares cryptocurrencies to “having a pet rock.” Accordingly, he rejects crypto.
A different perspective on cryptocurrency
However, not every investor agrees with Munger and Buffett’s assessment of Bitcoin. MicroStrategy president Michael Saylor believes critics like Munger should spend more time studying Bitcoin to better understand how the world’s largest cryptocurrency works. Former BlackRock executives Stephen Schoenfield and Martin Bednall continue to focus on the future of Bitcoin exchange-traded funds (ETFs) in the US.
Following Grayscale’s legal victory against the regulatory watchdog, they believe multiple Bitcoin ETFs will be approved in the coming months. Supporters say the approval could potentially attract nearly $200 billion into the cryptocurrency market. Contrary to Munger’s skepticism, both artificial intelligence and cryptocurrencies remain sectors of interest among major Wall Street firms.
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