Wednesday, October 5, 2022

Crypto Likened to an STD in a Comment by Charlie Munger

Charlie Munger, a close business partner to Warren Buffett and deputy Chairman of Berkshire Hathaway has expressed his deep distaste for Bitcoin (BTC) in a comment made by him, as reported earlier today.

There is no gainsaying about the stance of Charlie Munger about crypto, he is not an advocate for it, in simple terms, he detests it.

The 98-year-old businessman expressed his thoughts about cryptocurrency while he was speaking during a shareholder’s questions and answers session at a newspaper company’s annual meeting, a firm based in Los Angeles. 

He directly compared crypto with an STD (Sexually Transmitted Disease), in his words, “I certainly didn’t invest in crypto. I’m proud of the fact that I avoided it. It’s like some venereal disease.” A comment that has caught the attention of many stakeholders in the crypto ecosystem.

It is no news that Warren Buffett and his right-hand man, Munger are critics of digital currencies, and they are always known for downplaying the subscription to the use of cryptocurrencies. Earlier, Warren had ridiculed Bitcoin, pointing out that it is an asset that doesn’t create anything.

Further in his contempt for Bitcoin and other cryptos, Munger added that he really wishes that BTC had been banned as soon as they were created. He commended China for banning it, adding,

“I think they were right and we were wrong to allow it.”

Despite the imaginative spite of the vice president of Berkshire for crypto, a recent investment speaks otherwise as per his stance and that of Buffett in general. 

In a securities statement issued on Monday, the global conglomerate, Berkshire Hathaway announced that it has invested in Nubank, the biggest Brazilian fintech bank, in a deal worth $1 billion. The bank has subsidiaries that deal with digital currencies.

With this tone in speech and corresponding differing actions by Munger and Buffet, co-founder and COO of Mercuryo, a crypto wallet service asserted that the investment in Nubank is a way that Berkshire is supporting the “digital currency ecosystem indirectly.”

Twitter accounts like @cryptonator and @gmoneyNFT have taken to the streets of social media to make a meme of the current situation, sighting that Munger has aged and he may not be the perfect individual to influence the masses on digital assets patronage.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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