Investor Charlie Munger, considered to be Warren Buffett’s right-hand man, struck out at cryptocurrencies. The specialist believes that virtual tokens will soon lose virtually all their value.
Charlie Munger – vice president of the famous Berkshire Hathaway company and a close friend of Warren Buffett – once again attacked cryptocurrencies. A well-known anti-fan of the concept of Bitcoin and other tokens announces their quick end.
Investor Charlie Munger – cryptocurrencies will fall to zero
While speaking at a recent conference, Munger was asked to comment on cryptocurrencies. He said it was the stupidest investment he had ever seen. “Most of these investments are going to zero,” he added.
The harsh stance is not unusual for the famous investor, as he has ridiculed Bitcoin several times even this year. In February 2023, it was laughable that anyone was willing to buy virtual tokens. Another time he said that he was ashamed of the United States because so many people believed in cryptocurrencies and the country’s government allowed this type of “investment”.
Even earlier, Munger used very unsophisticated metaphors, comparing digital currencies to a “venereal disease.” He also advised “avoid it like an open sewer full of malicious organisms.”
Spencer Schiff on worthless Bitcoin
Interestingly, other experts also talked about the decline in the value of cryptocurrencies to zero. Investor Spencer Schiff, previously a great optimist in the cryptocurrency community, completely changed his opinion in mid-2023.
Previously, he firmly argued that cryptocurrencies were the future. He said then that “in the long run, Bitcoin is a better choice than gold.” Apparently something broke inside him, because he turned away from this technology quite dramatically.
In July, an investor commented on an article titled “Two Causes of the Coming Great Depression.” In his opinion, there will be no crisis and “an inconceivably huge economic boom awaits us.” He indicated that it will be powered by artificial intelligence, and not, as many thought, by cryptocurrencies.
Schiff then predicted that Bitcoin “will likely fall to zero in the coming years” and that the most popular digital currency “will have no significant impact on the world.” This is a response to comments that BTC would solve the current problems of the economy.