Bitcoin is like a bad disease!
So says mega-investor Charlie Munger, he believes that Bitcoin is not good and that it is like a bad disease.
The best man is already quite old (98 years), perhaps that plays a role in this remarkable statement. But he is definitely a good investor. For years he was the right-hand man to Warren Buffet, arguably the best investor in the world. Munger believes the government has made “a big mistake” in allowing cryptocurrencies, such as Bitcoin.
Bitcoin is a bad disease
What do you do when you are sick? Right, then you try to get better by beating it and getting it out of your system. That should also happen with cryptos, says Munger. He spoke this week about Bitcoin and cryptocurrency in an interview with Yahoo Finance. Not a fan for some time, Munger previously referred to Bitcoin as “rat poison” and said last year that he hated the cryptocurrency’s success. He was asked if he was surprised that Bitcoin has become even more mainstream since then.
Berkshire Hathaway’s vice-chairman replied: “If you think about it, it’s an ideal currency if you want to commit extortion, or commit kidnapping.” He had not yet finished his speech and added the following. “Why would a civilized government want an ideal untraceable technology to enter the payment system run by a bunch of people who want to get rich by doing very little for civilization. Of course I hate it.”
chinese pointer
You would think that the investor is in favor of an open market. For capitalism. But no, he has China as a shining example. He thinks Communist Chinese are wiser. This is because they just banned it.
