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Charlie Munger, Warren Buffett's longtime partner and vice chairman of Berkshire Hathaway, passed away on Tuesday at the age of 99.
Munger was renowned for his significant contributions to the investment industry and his collaboration with Buffett at Berkshire Hathaway. Simultaneously, he was one of the most outspoken critics of Bitcoin and cryptocurrencies.
The phrase "new financial products out of nothing" encapsulates Munger's disdain for Bitcoin. He referred to Bitcoin as "disgusting" and contrary to the interests of civilization, criticizing its extreme volatility and lack of regulation.
He expressed concern about Bitcoin being exploited by criminals such as kidnappers and extortionists.
Munger rejected the idea that Bitcoin could become a global medium of exchange, citing its extreme volatility as a reason. He even called for the United States to ban cryptocurrencies and publicly praised China's approach to cryptocurrencies.
In a 2021 interview, Munger stated, "I don't welcome a currency that's so useful to kidnappers and extortionists, nor do I like just shuffling out of your extra billions of dollars to somebody who just invented a new financial product out of nothing."
He further added, "I think I should say modestly that the whole damn development is disgusting and contrary to the interests of civilization."
Munger stood by his position, considering Bitcoin a "man-made substitute for gold" and likening it to the inexpressible pursuit of non-edible things by humans.
His views on Bitcoin and cryptocurrencies sparked numerous debates and discussions in the financial world.
As the cryptocurrency landscape continues to evolve, Munger's criticisms serve as a reminder that this new form of digital assets still faces significant challenges and controversies. |
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Post time 6-12-2023 06:45:22