Charlie Munger: Charlie Munger feels ‘disgusted’ about Bitcoin; Buffett is ‘alright on that one’
Cryptocurrency assets such as Bitcoin and Ethereum are now worth more than $2 trillion within just 12 years of their birth. Bitcoin alone today has a market capitalisation of little less than $1 trillion and is trading around $58,000 from less than $5,000 more than a year ago.
Cryptocurrencies, often compared with the Internet in its early age, has enjoyed greater acceptance and success over the past year. Corporate America has embraced cryptocurrency with companies like Microsystem and Tesla converting a part of their cash holdings into Bitcoin.
Companies such as MasterCard, Square, PayPal and others have started to accept cryptocurrencies like Bitcoin as payments enabling wider acceptance.
On Wall Street, investment firms are scurrying to make Bitcoin available to their clients to invest with companies such Vanguard, Blackstone and others rallying behind the cryptocurrency. JP Morgan & Chase recently recommended its wealthy clients to take an exposure to Bitcoin in their portfolio.
Munger, who was speaking at the annual meeting of Berkshire Hathaway, said he hates the success of Bitcoin. “I don’t welcome a currency, which is so useful to kidnappers,” Munger said.
Warren Buffett, Munger’s partner for more than 60 years, ducked the question by using a line that a former governor of Nebraska used to say: “I am alright on that one.”
One of the most successful investors of the past century, Buffett has previously stated that cryptocurrencies have “no value” and “don’t produce anything”.
Source link
