Charlie Munger’s stance against Bitcoin has not changed one bit. The American investor has always been a big critic of the leading cryptocurrency since the start. Munger has not bothered investing in the leading crypto and has always advised investors to follow suit. His recent claims on Bitcoin have also been the talk of the town.
Munger Believes that Bitcoin is too Volatile
On Wednesday, a 2021 Daily Journal meeting with shareholders was conducted by Yahoo Finance. There were questions and queries from shareholders on which Munger shared his thoughts and opinions. Regarding Bitcoin, the real estate attorney declared that top digital assets might not become a medium of exchange for the world. The 97-years-old investor further claimed that Bitcoin is “too volatile” to obey and serve as the medium of exchange. But Munger’s comments and remarks regarding Bitcoin emerged weaker compared to his vehement comments in the past.
Munger’s Past Comments on Bitcoin
Berkshire Hathaway’s vice-chairman once even considered prime coin investors to be enjoying the life and work of “Judas Iscariot.” In the 2018 version of the Daily Journal meeting, Munger defined cryptocurrencies to be extremely stupid and regarded the crypto traders in the same category, calling them “disgusting.”
Munger gave similar remarks related to Bitcoin trading at the 2018 annual Berkshire Hathaway meeting. Munger related the cryptocurrency market to “trading turds.” Munger’s compatriot Warren Buffet shared similar remarks for Bitcoin in the same event.
The experts have doubts about Bitcoin’s future as the medium of exchange while the scaling solutions are still developing. Some analysts have compared Bitcoin with gold, and some went even farther to call it “digital gold.” Munger reflected his opinions on the debate saying that Bitcoin is an “artificial substitute” for gold. The philanthropist said that as he has never invested in gold, he will never buy Bitcoin. Munger advised investors to follow the same strategy.
The billionaire compared Bitcoin with fox hunting. Quoting Oscar Wilde, an Irish poet, Munger conveyed that Bitcoin trading is like the “pursuit of uneatable by the unspeakable.” Munger disagrees with Daily Journal’s stance on Tesla investing heavily in the primary crypto. Munger admires mainstream financing. According to Munger, a performing bank is a great contributor to the world and civilization.