A video clip of Warren Buffet and Charlie Munger on crypto in 2018 went viral. Amid the current market downtown, and the recent FTX collapse news ignite this old video clip of these two American business tycoons.
What Does Warren Buffett Said in The Old Video Clip?
In the old video clip from 2018, Mr. Buffett said that “crypto attracts a lot of charlatans who take advantage of those people who are trying to get rich because their neighbor’s getting rich. But then also crypto would have a bad ending.”
On the other hand, Mr. Munger, described cryptocurrencies as “disgusting.”
Compound248: FTX es Grande, posted on November 12, 2022, about how Warren Buffett nailed crypto cons as it added “It draws in a lot of CHARLATANS…who are trying to create various sorts of EXCHANGES, where people who are of less-than-stellar character…CLIP PEOPLE who are trying to get rich because their neighbor’s getting rich.”
It can be noted that after the FTX collapse and current downtown in the crypto market has boosted the confidence of many of the cryptocurrency critics. Similarly Mr. Buffett, who has been a particularly vocal crypto critic, is now gathering some attention as people now think that his old assumption related to crypto has now become true.
In May 2018, he said about crypto that it was “rat poison squared,” which somewhere annoyed the cryptocurrency community.
And in the beginning of this year, Buffett said that he would not pay as little as $25 in order to buy all the existing Bitcoins in circulation. Crypto stood no chance against the U.S. dollar. In addition Mr. Munger predicted that the price of Bitcoin would end up going to zero.
Top-5 Crypto Quotes of Warren Buffett
- In an interview with CNBC in February 2020, Warren Buffett said that he is staying away from cryptocurrencies, and added “Cryptocurrencies basically have no value and they don’t produce anything. In terms of value: Zero. I don’t have any cryptocurrency and I never will.”
- “When Justin and four friends came, they behaved perfectly and we had a very friendly three and a half hour dinner and the whole thing was a very friendly exchange of ideas.”
- “While Bitcoin was an ingenious idea, it is not unique in value considering that new cryptocurrencies are being created constantly,” Mr. Buffett said in an interview with CNBC in February 2019.
- “In terms of cryptocurrencies generally, I can say almost with certainty that they will come to a bad ending,” he said live on CNBC’s “Squawk Box” in January 2018.
- “While speculators may make short-term profits on bitcoin and other cryptocurrencies, ultimately they are non-productive assets that make them unsuitable for long-term investors,” he said live on CNBC’s “Squawk Box” after the 2018 shareholder meeting in May 2018.
Source: https://www.thecoinrepublic.com/2022/11/15/warren-buffetts-old-crypto-warning-is-now-heating-up/