The late Charlie Munger, esteemed vice chairman of Berkshire Hathaway Inc., had a history of expressing strong opinions against cryptocurrencies, particularly Bitcoin. His views were notable for their intensity and the sharpness with which he delivered them.
At Berkshire Hathaway’s 2018 annual meeting, Munger’s criticism of cryptocurrencies was forthright. He referred to the act of trading cryptocurrencies as “disgusting,” likening it to trading in turds, and suggested that it reflected poorly on civilization. He also used strong terms like “dementia” to describe the growing enthusiasm for cryptocurrencies.
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“I think the people who are professional traders that go into trading cryptocurrencies, it’s just disgusting,” he said. “It’s like somebody else is trading turds and you decide, ‘I can’t be left out.’”
In an interview with Yahoo! Finance following the shareholder meeting that year, Munger criticized cryptocurrency traders as participants in a get-rich-quick scheme, contributing little to civilization. He expressed his distaste for the burgeoning market, highlighting his belief that it was regrettable that the U.S. hadn’t banned cryptocurrency trading. Munger admired China’s approach to cryptocurrencies, noting the country’s ban and considering it a wiser approach than the U.S. stance.
His scrutiny didn’t spare the nature of cryptocurrencies. He has been quoted as saying that cryptocurrencies, including Bitcoin, are likely to go to zero and have no intrinsic value. He emphasized the high volatility and lack of regulatory frameworks as major concerns. The 99-year-old billionaire was troubled by the use of cryptocurrency in illegal activities like drug dealing, terror funding, kidnapping and extortion.
He went on to use the extreme analogy of trading in freshly harvested baby brains to underline his disapproval.
“Suppose you could make a lot of money trading freshly harvested baby brains,” he said. “You wouldn’t trade them, would you? It’s too awful a concept. To…
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