Charlie Munger – the righthand man of Warren Buffett (CEO of real estate giant Berkshire Hathaway) – has never been a bitcoin fan, and after his latest interview, it’s likely he never will be.
Charlie Munger Makes His Hate of Crypto Clear
During a recent discussion, Munger said of bitcoin and crypto:
Sometimes I call it crypto-crappo and sometimes I call it, well, crypto sh*t.
At 99 years of age, Munger has been around for some time. He’s probably gotten used to the way money worked 40, 30, or even 20 years ago. Bitcoin and the technology behind it are probably way beyond anything his mind could muster, and one can’t help but assume that age has something to do with his over-the-top hate for the world’s number one digital currency.
What gets rough is that Munger doesn’t allow any room for opposing statements. He hates bitcoin, and nobody can tell him that it has any positive properties. His initial comments above were followed with:
I think the people that oppose my position are idiots.
He then proceeded to hit crypto as though it were the worst thing ever invented. He stated:
It’s not even slightly stupid. It’s massively stupid. It’s worthless, it’s no good, it’s crazy, it’ll do nothing but harm, and it’s antisocial to allow it. It’s just unspeakable, it’s an absolute horror, and I’m ashamed of my country that so many people believe in this kind of crap, and that the government allows it to exist. It is totally, absolutely, crazy-stupid gambling with enormous house odds for the people on the other side.
Munger helped Buffett build Berkshire Hathaway from the ground up. The company got huge by acquiring businesses like Geico and See’s Candies. Both men also plunked quite a bit into the stocks of firms such as Coca-Cola, American Express, and others, and clearly, these decisions paid off. Thus, it’s hard to say Munger is not an investing genius.
Still, however, it’s possible for a genius to miss out on certain things. Munger went so far as to tell his listeners to not only avoid crypto, but to avoid companies and even people that delve in crypto, thus implying that if your friend owns bitcoin, he or she probably shouldn’t be considered a friend anymore. This is a bit ridiculous, and it’s also very dismissive of several important facts.
Omitting Some Significant Points
Why does Munger make no mention, for example, of the idea that despite several ups and downs, bitcoin has survived? Any investment opportunity that stays active over a 14-year course is something that should be admired.
Sure, the price has gone down, but all investment prices dip at some point. What’s important is how those investments survive bleeding markets, and bitcoin has exhibited extreme resilience in this sense.
Tags: bitcoin, Charlie Munger, Warren Buffett
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