Charlie Munger, one of the most well-known investors globally, says that he avoids crypto like a dirty sewer. This is not the first time he has made such harsh remarks on cryptocurrency. Even previously, Charlie has called crypto worthless, dangerous, and something with zero value. He believes that those who buy or sell crypto are “delusional or evil.” It is not unexpected from him as it must not be easy to understand the value of something that doesn’t exist physically when he has invested in such companies for decades. He is also one who has spoken in favor of fossil fuels.
Charlie Munger on crypto
Charlie and Buffett are in the same boat regarding crypto. They have taken it as their life’s mission to diss crypto in the worst way possible. Not that it matters, but it is something that has been happening for a while now. Earlier, Warren Buffett said that crypto doesn’t produce anything physical, and so it lacks any real value. Charlie has also dismissed crypto as lacking any real value and has constantly asked people to avoid them at any cost. In a recent interview with the Australian Financial Review, he said that “crypto is an investment in nothing.”
Charlie believes that the scarcity of an item or difficulty to produce doesn’t necessarily make it a good investment. Investing in stocks of a company is a rather better investment. And since crypto directly competes with fiat and the current monetary system, Charlie views its sellers as evil or delusional.
The problem with these comments
Well, it is understandable that a person who has solely based his investment on companies that produce something physical or provide a service will find coins to lack any value. However, these comments are too far-fetched. Even Warren Buffett invests in a crypto-friendly bank NuBank which shows hypocrisy. And seeing the current state of fiat and rising inflation, it is understandable why crypto is required. For the first time in 2 decades, Euro fell below the dollar, which shows the poor economic state of Europe.
What are your thoughts as Charlie Munger says he avoids crypto like a dirty sewer? And do you think these comments are just too far-fetched? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Twitter sues Elon Musk for backing out on the $44 billion deal.
