Charlie Munger News

A profitable trading day is really hard to come by. Especially when an American billionaire investor (Yes, Charlie Munger) has just called for a ban on cryptocurrencies.

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High-profile crypto bankruptcies and a hearty price crash are necessary evils to help the industry grow, while greater regulation is a must, according to Microstrategy co-founder Michael Saylor.

Michael Saylor, the co-founder and former CEO of MicroStrategy, has addressed Charlie Munger's criticism of Bitcoin, claiming that he hasn’t taken the time to understand Bitcoin. 

The cryptocurrency community has ridiculed well-known Bitcoin (BTC) critic Charlie Munger, vice chairman of Berkshire Hathaway, for calling the United States to follow in the footsteps of China and ban crypto.

The US should follow in China’s footsteps and implement “a ban of cryptocurrencies,” according to billionaire investor Charlie Munger.

Digital currencies are a malicious combination of fraud and delusion, said Berkshire Hathaway vice chairman Charlie Munger, in an interview with CNBC.

Berkshire Hathaway’s Vice Chairman Charlie Munger has long voiced his criticism of crypto, with a particular focus on bitcoin (BTC). Unsurprisingly, the ongoing market downturn and the abrupt collapse of major exchange FTX have further pushed the investor over the brink.

Bill Gates has slammed the digital assets class, outrightly dismissing the projects, including non-fungible tokens (NFTs). The billionaire said such assets are based on the 'greater fool theory' and that is, of course, until there are no greater fools left, he said. “The prices go up because people are able to sell overpriced items to a greater fool. Digital images of monkeys are going to improve the world,” he added in a sarcastic note.

Jim Rogers, akin to many other veteran investors, believes that Bitcoin and other crypto assets are all bubble and gamble. The celebrity investors would prefer to stay away from them. A fortnight earlier, Rogers, despite being a vocal critic of the digital asset class, admitted that he wished to buy Bitcoin at dirt cheap price about a decade ago. He made it clear that his sole desire was to make profits. Rogers clarified that he wished to own bitcoin about a decade ago only to book hefty and supernatural profits. «I wish I had bought it (Bitcoin) at $1 or $5 as it went to $60,000-70,000. Everyone had thought the same,» said Rogers.

Warren Buffett and his partner Charlie Mungers, have once again criticised the Bitcoin and cryptocurrencies, for not being a productive asset. At the Berkshire Hathaway Annual Shareholder meeting, the billionaire investment guru said that he will not buy all the Bitcoins available even for $25. Berkshire Hathaway's vice chairman Charlie Munger, also repeated his well-known derision of Bitcoin and cryptocurrencies. The community has responded to the criticism with hatred of its own.

Charlie Munger’s opinion of Robinhood hasn’t improved in the past year. If anything, it has become more negative.

Warren Buffett and Charlie Munger doubled down on their criticism of bitcoin at Berkshire Hathaway’s annual shareholders meeting on 30 April, while crypto enthusiasts appear unswayed.

Despite the steady rise in prices of bitcoin and its growing acceptability among some of the traditional investment circles, Berkshire Hathaway CEO Warren Buffett claims that he would "not spend $25" even if he was offered all the bitcoin in the world.

Global cryptocurrencies opened in the green early on May 2. The global crypto market cap is $1.74 trillion, a 3.07 percent increase over the last day. The total crypto market volume over the last 24 hours is $81.96 billion, which makes a 1.53 percent decrease.

Berkshire Hathaway execs Warren Buffett and Charlie Munger are in the news today after they, together, dissed Bitcoin, the world’s largest cryptocurrency again. Speaking at the Annual Shareholder’s Meeting on Saturday, the two reiterated their previous position on cryptos in general, with Chairman Buffett having infamously called Bitcoin “rat poison squared.”

Gavin Jackson. «Their price has been extremely volatile: using them as a means of account would mean changing the price of goods and services daily according to the views of speculators. It also makes them an inadequate store of value: while their price has often rocketed upwards — helping some of the first to mine them or bet on their value to become millionaires — there is little guarantee you will be able to preserve this purchasing power for the future,» writes Jackson. The book «Money in One Lesson: How it Works and Why» was published by Pan Macmillan recently. The author says cryptos have struggled as a means of exchange, too. The algorithms make them secure but the volume of computing power needed to provide the proof of security has made small transactions prohibitively expensive, says the author.

At the Berkshire Hathaway Annual Meeting 2022, chairman and CEO Warren Buffett and vice-chairman Charlie Munger were back at their game. They elaborated on their investment decisions, spoke about market trends and follies, and ribbed each other. 

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