Warren Buffett’s business partner Charlie Munger called crypto investors “insane” for not investing in anything and said he avoided the crypto industry like “open sewers.”
Munger Australian Financial Review..
Manger said:
“I avoid it as if it were an open sewer full of malicious organisms. I completely avoid it and recommend that everyone else follow my example. increase.”
In May, he also called the entire crypto development “disgusting” and “contrary to the interests of civilization.”
Don’t invest in anything
The main reason behind Munger’s anti-cryptocurrency attitude is the belief that cryptocurrencies do not represent anything.
According to Munger, cryptocurrencies, unlike traditional stocks, do not give holders the right to claim a portion of the profits of their business. Therefore, it is empty in the background.
Munger said the high price of crypto is solely due to its popularity and rarity, and is not a valid reason to invest in assets in its own right.
Manger said:
“Cryptography isn’t investing in anything. I think it’s almost insane to buy or trade in something like this.”
Instead, Manger praised traditional assets and said the current stock market downturn is not uncommon. He said interest rates would show more volatility, but the stock market would return to their feet as they have real business to boost them.
Other critics agree
Some prominent names are firmly opposed to cryptography, claiming that it represents nothing. Munger’s business partner Warren Buffett is the loudest, and Bill Gates and Peter Schiff share their views when asked.
In one of his recent interviews, Buffett mentioned the worthlessness of cryptocurrencies, saying that even if he had all of Bitcoin, he would do nothing but sell it back to someone.
Meanwhile, Bill Gates recently criticized that the value of NFTs is based on crowd psychology. This is a discussion that reflects the feelings of Manger and Buffett.
Invitation to crime
Munger also mentioned the potential for cryptography to promote criminal activity as a reason for rejecting the entire sector.He had before Mention Encrypt as a “sexually transmitted disease” and a “tool for criminals”.
He said he hated Bitcoin’s success, adding:
“We don’t welcome currencies that are very useful to kidnappers and robbers, and we don’t like to divert billions of dollars of extra money to someone who has just invented a new financial product from the sky.”
Anyone who has invested in cryptocurrencies is either a bad guy trying to easily commit fraud or a paranoid investor who can’t see the fact that he hasn’t invested in anything, Manger said. Told.
