August 12, 2022

Bitcoin will not become a global medium of exchange, says Charlie Munger

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Like Berkshire Hathaway chairman Warren Buffett, the 97-year-old Munger is a known critic of Bitcoin (BTC).

Addressing the 2021 Daily Journal annual meeting with shareholders organized by Yahoo Finance on Wednesday, Munger again espoused some negative sentiments about the largest cryptocurrency by market capitalization.

Fielding questions from shareholders concerning Bitcoin, Munger stated:

“I don’t think Bitcoin is going to end up [being] a medium exchange for the world. It’s too volatile to serve well as a medium of exchange.”

Compared to Munger’s previous comments about Bitcoin, his remarks during the meeting appeared watered down. Indeed, Munger once said that Bitcoin investors were celebrating the life and work of Judas Iscariot.

During the 2018 edition of the Daily Journal annual meeting, Munger characterized cryptocurrencies as “totally asinine,” and called professional crypto traders “disgusting.”

At Berkshire Hathaway’s annual meeting in 2018, Munger likened the crypto market to “trading turds.” At that same event, Buffett would render his infamous “rat poison-squared remark” for Bitcoin.

With development work on scaling solutions likeTitle: Bitcoin will not become a global medium of exchange, says Charlie Munger
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Published Date: Thu, 25 Feb 2021 13:03:21 +0000