Charlie Munger vice president of Berkshire Hathaway and known as the partner of billionaire Warren Buffett, shared his opinion on Bitcoin, gold and the Tesla company at the annual Daily Journal Corporation shareholders meeting in Los Angeles, United States.
The CNBC medium disclosed on February 24 that the investor assures that bitcoin could not serve as a medium of exchange due to its volatility. He claims not to know what the future of banking will be or how the payment system will evolve, but he made clear his support for banks: “I believe that a well-managed bank is a great contributor to civilization and that the world’s central banks like to control their own money supply and system. ”
He also expressed his dislike of Elon Musk’s electric car business and how little he dislikes its USD valuation 1 trillion dollars. Likewise assured that he would not follow the example of the businessman who recently invested USD 1,500 million in bitcoin from Tesla’s balance sheet.
They say that what is not known is despised
Munger, like his partner Buffett, called Bitcoin rat poison in 2013 when its price was USD 150, later he called it a harmful poison in 2018 when it was worth USD 10,000.
Now, when the cryptocurrency has surpassed USD 48,000, it simply limits itself to saying: «I cannot decide the order of precedence between a flea and a louse (to quote the famous English writer Samuel Johnson) ‘. He assures that feels the same when having to choose between Bitcoin and Tesla. “I don’t know which is worse,” he concludes.
The 97-year-old investor also clarified his stance on the gold metal, taking the opportunity to give Some investment advice to people. “Bitcoin is a kind of artificial substitute for gold and since I never buy gold, I never buy bitcoin, I recommend other people to follow my practice.”
These types of comments from many of the opponents of cryptocurrencies can sometimes distract from issues deep in the ecosystem. However, it is important to monitor them, as they allow a glimpse of the resistant positions of those who are recognized as experts in traditional finance, in the face of the new era of the global digital economy.
That is why in CriptoNoticias was reported in 2018 when Munger, among other things, commented that “cryptocurrencies are just madness” . Despite the fact that bitcoin already exceeds the value of the company that the tycoon runs and is supported by many investors of the so-called traditional finance, Munger has not changed his mind.