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Warren Buffett, the chairman and CEO of Berkshire Hathaway is not much interested in cryptocurrency. - 2
The vice chairman of Berkshire Hathaway, Charlie Munger called to ban the cryptocurrencies altogether.
Cryptocurrencies secured a strong position in the marketplace but failed to create a favorable place in Berkshire Hathaway’s chairman and vice chairman’s heart. Warren Buffett and Charlie Munger don’t seem like fans of digital assets and are making efforts to ban cryptocurrencies.
What made both the legends negative for digital assets? Let’s explore the views of both people toward crypto.
What are the Thoughts of Warren Buffett on Cryptocurrency?
According to the CEO of Berkshire Hathaway, Bitcoin (BTC) is a “gambling token” and does not hold any intrinsic value. He made the statement in an interview with CNBC. He also added that the situation doesn’t stop individuals from wanting to play the roulette wheel. In the year 2018, Buffett referred to Bitcoin as “Rat poisoned Squared” and commented that the urge to take part in something that seems easy money is a human tendency that was always there.
The statement simply shows that Warren Buffett is not a big fan of cryptocurrencies, mainly BTC. The billionaire compared BTC with rat poison. In addition, he also argued that investing in BTC is a gamble and not an investment.
He was also concerned about the investors and warned them not to invest in BTC and other cryptocurrencies as the digital asset is almost certain to come to a bad end in the near future. In addition, he confirmed that BTC is not a valuable asset and cryptocurrency trading is just dementia.
The Opinion of Berkshire Hathaway’s Vice Chairman on Crypto
Warren Buffett’s right-hand man Charlie Munger is also not a big fan of Cryptocurrency. He once compared cryptocurrency with rat poison and requested to ban cryptocurrencies altogether.
“We need to follow China’s lead and ban cryptocurrencies altogether”, stated Charlie Munger. The People’s Bank of China banned all cryptocurrency transactions in September 2021.
According to Munger, traditional currencies helped individuals turn from apes to successful humans. Replacing fiat currency with cryptocurrency is similar to saying that air can be replaced.
Charlie Munger is a tough supporter of fiat currency and is actively participating in banning the crypto permit.
“Investing in crypto is not slightly stupid, it is completely stupid and dangerous as well,” said Munger along with a request to the government to reject the permit on cryptocurrency just like China. He also added that he is not happy with the decision of the US to permit cryptocurrency. In recent statements, Munger called crypto a type of venereal disease and felt ashamed that many US individuals believe in such kind of crap. He also urged the US government to enact new federal policies that completely prevent cryptocurrency and related frauds from happening.
Conclusion
Warren Buffett and Charlie Munger, the chairman and vice chairman of Berkshire Hathaway responded to cryptocurrency in a negative manner. Both the legends compared crypto, mainly the BTC with the rat poison and called to ban the digital asset. Banning cryptocurrencies in the country will help in saving individuals from huge losses. Both legends are inspired by China’s act to ban crypto.
Source: https://www.thecoinrepublic.com/2023/08/27/warren-buffetts-right-hand-charlie-munger-calls-to-ban-crypto/