Crypto community responds to Charlie Munger yelling at Bitcoin again

Published at: Dec. 3, 2021

As 97-year-old investment veteran Charlie Munger continues scolding cryptocurrencies like Bitcoin (BTC), the crypto community is quick to respond to his latest comments.

The vice-chairman of Warren Buffett’s Berkshire Hathaway spoke of crypto at Australia's investor event, the Sohn Hearts and Minds conference, on Friday, reiterating his extreme skepticism to the industry, local news agency The Sydney Morning Herald reported.

A known cryptocurrency naysayer, Munger has provided some fresh remarks on the crypto industry, arguing that the current crypto ecosystem is even crazier than the dot-com era overall. “I think the dot com boom was crazier in terms of valuations than even what we have now,” he noted.

Munger also stressed that he supported China’s latest attempt to ban cryptocurrency and crackdown on “some of the exuberances” of capitalism, stating:

“Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves [...] ​​I want to make my money by selling people things that are good for them, not things that are bad for them.”

A number of people in the crypto community have subsequently reacted to Munger’s latest comments on Bitcoin, with many pointing out that incapability to understand new tech like Bitcoin at his age is not a surprise.

“I’m never going to buy a cryptocurrency. I wish they’d never been invented,” Munger added.

Imagine, he is 97 years old.He was alive when ford invented the Model T (almost).I guess holding stocks takes ages to make a profit. Leave the poor man alone, he is just shocked we are pumping 1300% weekly.Different times old man.

— The Crypto Head (@TheCryptoHead) December 3, 2021

Synthetix founder Kain Warwick also emphasized that despite Munger’s willingness to make money by selling good things, Berkshire Hathaway is the largest shareholder of Coca-Cola, which is supposed to be a “significant contributor to many health conditions.”

Charlie munger: I want to make my money by selling people things that are good for them, not things that are bad for them.Also Charlie Munger: load up on some more of that high fructose corn syrup kiddies! Isn’t it just dandy! https://t.co/xnefgTmLho

— kain.eth ⚔️ (@kaiynne) December 3, 2021

Jamil Hasan, program director of crypto and blockchain podcast series The Crypto Corner, noted that the industry should not be bothered by Munger not investing in crypto: “I’m ok if Charlie Munger doesn’t buy crypto. I’m certain there are some things that Charlie buys that I don’t need.”

Some crypto industry players also emphasized that China attempted to ban Bitcoin multiple times over the past eight years but it did not prevent the cryptocurrency to surge over 5,000%.

Charlie Munger: I'm glad China banned #BitcoinBitcoin: Up 5585% since China's first ban in 2013 pic.twitter.com/Pu6MdsBJxZ

— Blockworks (@Blockworks_) December 3, 2021

Related: Institutional managers bought the dip as crypto funds see $154M in weekly inflows

While some investment legends like Munger keep maintaining a hard stance on crypto, other investment giants like Skybridge Capital are getting increasingly bullish on Bitcoin.  As such, Anthony Scaramucci’s platform for investing in hedge funds grew its exposure to crypto-related assets by nearly 150% in Q3.

Tags
Adoption
Bitcoin
Cryptocurrencies
Investments
Berkshire Hathaway
Related Posts
Crypto is like 'venereal disease' and should be banned: Charlie Munger
Charlie Munger, the ancient vice chairman of Berkshire Hathaway and Warren Buffet’s right hand man, has no issue with providing his honest thoughts on cryptocurrency: He hates it. Speaking at a shareholder’s Q&A session at the annual meeting for LA-based newspaper company, Daily Journal Corp, the 98-year-old investing icon likened crypto to a sexually transmitted disease. "I certainly didn't invest in crypto. I'm proud of the fact that I avoided it. It's like some venereal disease." Munger continued to express his contempt for Bitcoin and other cryptocurrencies, adding, “I wish it had been banned immediately… I admire the Chinese for …
Adoption / Feb. 17, 2022
How Digital Asset Exchanges Can Meet Institutional Investors’ Need for Speed
With low barriers for entering, competition for digital asset exchanges is intense, with an estimated more than 10,000 exchanges now operating worldwide. This competition reduces margins for all of them and also lowers deposit and withdrawal thresholds. Add in a confusing patchwork of global regulations, and profitability challenges for digital asset exchanges loom large. Digital asset exchanges must overcome these obstacles to attract institutional traders who will generate the sector’s next growth wave. These high-powered traders seek crypto exchanges that can give them the liquidity they need, as well as an edge in speed with instant deposit, withdrawal and transfer. …
Adoption / July 27, 2020
‘Closer Than Ever’ to Bitcoin ETF, Says Bitwise Ahead of SEC Deadline
Executives at Bitwise Asset Management are highly optimistic as the deadline for the United States Securities and Exchange Commission’s (SEC) decision on their proposed Bitcoin (BTC) exchange-traded fund (ETF) looms. Days ahead of the Oct. 13 deadline, an Oct. 7 CNBC report cites Matt Hougan, managing director and global head of research at Bitwise, saying: “We’re closer than we’ve ever been before to getting a Bitcoin ETF approved.” “No more ways to postpone it at this point” As Cointelegraph reported, Bitwise filed its latest application for a physically held Bitcoin ETF with the SEC in January. In August, the regulator …
Adoption / Oct. 8, 2019
Crypto inheritance: Are HODLers doomed to rely on centralized options?
Self-sovereignty is a core principle in the cryptocurrency space: Investors need to rely on a trustless, decentralized network instead of a central entity that has been known to devalue the holdings of others. One shortcoming associated with self-sovereignty, however, is inheritance. An estimated 4 million Bitcoin (BTC) has been lost over time and now sits in inaccessible wallets. How many of those coins belong to HODLers who passed away without sharing access to their wallets with anyone else is unknown? Some believe Satoshi Nakamoto’s estimated 1 million BTC fortune hasn’t been touched for this very reason: No one else had …
Adoption / May 23, 2022
Roxe Holding in talks for listing on Nasdaq via $3.6B SPAC deal
Goldenstone Acquisition Ltd, a special-purpose acquisition firm (SPAC), has announced plans to go public with blockchain-based payments firm Roxe Holding Inc. As per the Wednesday announcement, the SPAC has agreed to a $3.6 billion merger with the global blockchain payments firm, which will see Roxe listed on the Nasdaq under the ticker ROXE. Roxe is a global payments company that offers both business-to-business and consumer payments services, with a focus on blockchain technology. According to a Reuters report, citing insider sources, no current stockholders of Roxe are planning to sell their stake after the merger. On Tuesday, Roxe stated that …
Adoption / June 22, 2022