Berkshire Hathaway Vice President Charlie Munger at the company’s annual shareholder meeting in Omaha Bitcoin (BTC) talked about.
Charlie Munger: “Bitcoin Will Most Likely Drop To Zero”
Munger is the world’s largest cryptocurrency He said its value would “probably” drop to zero.
Berkshire Hathaway CEO Warren Buffett said in his statement at the same meeting that he did not know whether Bitcoin would rise or fall in the coming years, but he was sure that this asset did not produce anything. The 91-year-old legendary investor’s total wealth is estimated at $124.3 billion.
Buffett also said in his statement that he would not pay even $25 for all BTCs in the world. Buffett, one of the most famous investors in history, claimed that BTC had no chance against the US dollar.
Munger Calls BTC ‘Stupid’ and ‘Malicious’
Buffett’s right-hand man, Munger, was even tougher when criticizing the world’s largest cryptocurrency, describing BTC as “stupid” and “evil”. The famous billionaire said that BTC is hurting the US Federal Reserve and that the US “needs it” too. In his statement in February, Munger compared BTC to a venereal disease.
Buffett also harshly criticized Wall Street for turning the market into a “gambling room”. According to Buffett, the financial industry encourages investors to engage in risky behavior. In addition, Berkshire Hathaway purchased $51.1 billion in stock during the major correction in the first quarter of the year. The company’s stock portfolio currently hovers around $390 billion.
It seems that especially the older generation does not look very warmly to the crypto money market. However, the generational change that will occur with the adoption of the crypto money market by the new generation reveals that cryptocurrencies will enter our lives more and more every day.
*Not investment advice.