We all know that famous stock investors across the world are not cool with the idea of crypto. Warren Buffet, Charlie Munger, Rakesh Jhunjhunwala, and many more have expressed their idea of these cryptocurrencies being worthless. And now this hatred towards cryptocurrencies has gone to a whole new level as Charlie Munger wishes crypto was never invented. He even commended China for banning them.
Charlie on cryptocurrencies
In a recent conference in Sydney, Charlie said that he thinks China took the right decision of banning cryptocurrencies. He has never been a fan of cryptocurrencies, and as time passes, the disliking seems to increase. Even during May 2021 Q&D session, Charlie Munger said that his dislike for Bitcoin has increased during the pandemic.
His take on the same is that Bitcoin is used for illegal activities. He thinks it is very useful to kidnappers and extortionists. Also, the idea that the financial product is not backed by anything is a big problem to him. All this makes sense as it is often seen that the older generation is not perceptive to change. And a change like Bitcoin needs understanding and an open mind for seeing things differently.
Charlie even said, “I think I should say modestly that the whole damn development is disgusting and contrary to the interests of civilization.” I disagree with Charlie’s statement, and as a Bitcoin investor, you might too. But the point is that it is okay for people to have their own point of view. Charlie’s take is that Bitcoin is an artificial substitute for Gold, and since he doesn’t buy Gold, he doesn’t buy Bitcoin.
Robinhood on big investors
I remember a few months back, when Warren Buffet insulted Robinhood, the company made some bold statements. While both of these things are not related, I can draw a thin line. The statement that Robinhood made was, “people are tired of the Warren Buffetts and Charlie Mungers of the world acting like they are the only oracles of investing. And at Robinhood, we’re not going to sit back while they disparage everyday people for taking control of their financial lives.” And this concludes that no matter whatever someone says, do not take their statements at face value. If Charlie Munger says crypto doesn’t have value, it doesn’t make it true.
What are your thoughts as Charlie Munger wishes crypto was never invented? And do you think that Robinhood was right? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.