Warren Buffett and Charlie Munger are among the few novice investors who have openly ridiculed crypto to their full abilities. Recently, Charlie Munger said he would avoid cryptocurrencies, just like a dirty sewer. Warren Buffett has also made comments that crypto has no value as it doesn’t produce anything. However, such comments didn’t faze shark tank host Kevin O’Leary as he called them out and said they were wrong about cryptocurrencies.
Kevin on comments made by Warren Buffett and Charlie Munger
Kevin has been one of the vocal enthusiasts of crypto. In the past, he has been against crypto, but once he started investing last year, he openly promoted Bitcoin. He has also said that despite the bear market, he is not going to sell his holdings. Kevin says that blockchain has a lot of transparency, efficiency, and productivity in the long period term. He also thinks that the current phase of crypto is going to end, and the next bull run will be backed primarily by institutional investors. Such an injection of capital will take crypto to new heights.
Kevin has also said that there are a lot of failing projects right now while giving the example of Terra. However, it is not a bad thing, and we should celebrate the failed projects which are because of bad managers and business models. It will clean up the space and will also give better projects room to grow and more attention.
The hypocrisy of Warren Buffett
Buffett once said that if he got all the Bitcoins in the world for $25, he wouldn’t buy them. His stance against crypto has been very vocal, but we must note that even after all that, he is an investor in the world’s largest digital bank, Nubank. Nubank also provides Bitcoin and crypto services which shows that most investors who talk trash about crypto have some kind of bet on the industry.
It is really difficult to find investors or finance influencers who have their money and mouth in the same place. Do you really think that novice investors like Buffett and Munger won’t take a chance with crypto? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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