Bitcoin

Daily

<table style="width: 100%; border-collapse:">
 <tbody>
  <tr>
   <td style="width: 100%; text-align: left;"><a href="https://en.coinotag.com/altcoin-exchange-1333421/" target="_blank" rel="noopener noreferrer nofollow"><strong><span style="color: #000000;">Before you reading, did you missed the PEPE?<span style="color: #e67e22;"> No worries, click here to 100x potential memes!</span></span></strong></a></td>
  </tr>
 </tbody>
</table>
<ul>
 <li>The passing of Munger at the age of 99 brings his openly critical views on Bitcoin and its digital counterparts back into focus.</li>
 <li>His comments ranged from labeling cryptocurrencies as “crypto nonsense” to considering them a direct threat to the traditional financial system.</li>
 <li>His criticism was not limited to Bitcoin; he extended his reaction to the entire crypto market, emphasizing his belief in the superiority of traditional financial systems.</li>
</ul>
<p><strong>Berkshire Hathaway’s renowned vice chairman, Charlie Munger, passed away at the age of 99: What were Munger’s thoughts on Bitcoin and cryptocurrencies?</strong></p>
<h2 id="strong-a-look-at-charlie-munger-s-crypto-views-strong"><strong>A Look at Charlie Munger’s Crypto Views</strong></h2>
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-126554" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="bitcoin-btc" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?w=1920&amp;quality=70&amp;ssl=1 1920w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=1536%2C864&amp;quality=70&amp;ssl=1 1536w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?w=1392&amp;quality=70&amp;ssl=1 1392w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p>
<p>Charlie Munger, the renowned vice chairman of Berkshire Hathaway, left an indelible mark not only with his value investment predictions but also with his candid and often harsh views on cryptocurrencies.</p>
<p>The passing of Munger at the age of 99 brings his openly critical views on Bitcoin and its digital counterparts back into focus. This article is primarily a compilation of his most striking comments on the subject, showcasing his unwavering stance against Bitcoin.</p>
<p>Munger’s criticisms, each marked by his signature candor, spread across various platforms. His comments ranged from labeling cryptocurrencies as “crypto nonsense” to considering them a direct threat to the traditional financial system. Many times, he equated investing in cryptocurrencies to gambling, highlighting the inherent volatility and speculative nature.</p>
<p>In a notable interview with The Wall Street Journal on November 15, 2023, Munger saw the advent of Bitcoin in the sophisticated realm of finance as a “bad-smelling bomb.” He viewed cryptocurrencies as disruptive elements with no real productive value.</p>
<p>His criticism was not limited to Bitcoin; he extended his reaction to the entire crypto market, emphasizing his belief in the superiority of traditional financial systems. This perspective was particularly evident in the annual shareholder meeting of the Daily Journal Corporation on February 15, 2023. Here, Munger evaluated virtual currencies as “worthless” and dismissed investing in these digital assets as foolish, likening it to irresponsibly playing gambling.</p>
<h2 id="strong-defending-a-cryptocurrency-free-america-strong"><strong>Defending a Cryptocurrency-Free America</strong></h2>
<p>Munger’s stance on cryptocurrencies was not only critical but also proactive. In a Wall Street Journal article dated February 2, 2023, he argued that the U.S. should impose a complete ban on cryptocurrencies, similar to what China has done. He asserted that these digital assets cannot be classified as money, goods, or securities but only as heavily skewed gambling contracts in favor of the “house.”</p>
<p>His response to the bankruptcy of FTX on November 17, 2022, was particularly noteworthy. Munger expressed displeasure at the involvement of respected individuals supporting cryptocurrencies, labeling them as harmful and unnecessary, especially highlighting their appeal to criminal activities such as ransom demands.</p>
<p>When Munger’s criticism gained broader attention, in an interview on July 13, 2022, he referred to the “crypto craze” as a kind of “social madness.” He rejected cryptocurrency investment as a “speculative investment” in a “vacuum” and warned people to stay away from this deceptive allure.</p>
<p>In 2022 Berkshire Hathaway shareholder meeting, Munger expressed his disdain for Bitcoin, questioning the moral and practical aspects of investing in this volatile asset that could potentially drop to zero. In previous comments, up until February 2, 2022, Munger praised China’s decision to ban cryptocurrencies and advocated for a similar approach by the U.S.</p>
<p>He regarded Bitcoin as a “sexually transmitted disease” and ultimately predicted its value would drop to zero. Munger’s consistent anti-crypto rhetoric over the years highlighted his deep skepticism about the role of digital currency in the financial ecosystem.</p>
<p>Charlie Munger’s steadfast criticism of cryptocurrencies is a significant part of his legacy in the financial world. His belief rooted in traditional financial principles and his sharp opinions against what he considered a simple, reckless approach to investment form a sharp contrast to the growing interest in digital currencies.</p>
<p>As the world reflects on Munger’s contributions, his honest views on cryptocurrencies stand as evidence of his straightforward, unwavering approach amid the evolving financial landscape. Whether accepted or not, Munger’s opinions undeniably ignited discussions and evaluations in the continuously evolving financial environment.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/rest-in-peace-charlie-munger-what-did-bitcoin-and-cryptocurrencies-mean-to-munger/">Rest in Peace Charlie Munger: What Did Bitcoin and Cryptocurrencies Mean to Munger?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>
<table style="width: 100%; border-collapse:">
 <tbody>
  <tr>
   <td style="width: 100%; text-align: left;"><a href="https://en.coinotag.com/altcoin-exchange-1333421/" target="_blank" rel="noopener noreferrer nofollow"><strong><span style="color: #000000;">Did you missed the PEPE?<span style="color: #e67e22;"> No worries, click here to 100x potential memes!</span></span></strong></a></td>
  </tr>
 </tbody>
</table>

Rest in Peace Charlie Munger: What Did Bitcoin and Cryptocurrencies Mean to Munger?

Table of Contents

CO NEWS

Other articles published on Nov 30, 2023

CBDCs Will Have a Significant Impact on Central Banks’ Risk Profiles: Report

Dogecoin Price Prediction as Elon Musk’s ‘Doge-1’ Moon Mission Launch Approaches – Will DOGE Reac...

Daily Analysis: BTC, ETH, LUNC, STX, AVAX

Robinhood Enters the UK Market, Cathie Wood Increases Stake

Grayscale Bitcoin Trust Discount Shrinking And Investors Back New Bitcoin ETF Token With $2M As S...

Ethereum (ETH) at a Crossroads, Yet the Price Could Reach $3000 in the Next Few Months

Join our free newsletter for daily crypto updates!