Once again Charlie Munger slammed the crypto market & its Investors and called crypto investment the stupidest investment idea.
Charlie Munger is a 99-year-old American businessman, investor, and philanthropist. Currently, he is serving as vice chairman of Berkshire Hathaway. People know him as the right hand of Warren Buffett. Buffett & Munger are legends in the field of the stock investment market.
On 5 Oct 2023, Charlie Munger shared his opinion on the investment in Artificial intelligence (AI) & crypto sector in an interview during Zoom’s Zoomtopia conference.
Munger said that the AI sector is getting more attention than it deserves. According to this stock investor expert, the AI sector has been in existence since the 1950s & will remain in existence for the long term but he is doubtful of the potential of AI technology.
Furthermore, Munger said that AI technology can’t bring solutions for untreatable diseases like cancer and it will not bring any change in our society.
Munger has been a big crypto critic and this time he slammed crypto investors and said that investment in Bitcoin-like assets is stupidity and that all such investments are going to zero in the future.
“Don’t get me started on Bitcoins — that was the stupidest investment I ever saw,” he said, adding, “Most of those investments are going to zero,” Munger said.
Earlier this Munger called cryptocurrencies a gambling token and at the time JPMorgan CEO Jamie Dimon compared crypto investment to “owning a pet rock.”
It is worth it to note that Berkshire Hathaway has exposure to those companies’ stocks that are focussed on crypto-related business activities directly or indirectly e.g. Hathaway purchased $1 billion in shares of Nubank, a digital bank based in Brazil, in early of the last year.
In the past several times several stock investors slammed cryptocurrencies and compared these digital assets with gambling assets but it is also a bitter truth that many such crypto critics became crypto investors e.g. Canadian businessman Kevin O’Leary, and Mark Cuban.