99-Year-Old Charlie Munger: Bitcoin is Stupidest Investment Ever
99-year-old billionaire Charlie Munger isn’t a fan of Bitcoin, and has let his opinion be known yet again. Speaking about this last Thursday during a big online meeting called Zoomtopia, the Berkshire Hathaway leader couldn’t help but open up on his ignorance yet again.
In the meeting, someone asked Munger what he thought about Bitcoin. The dinosaur didn’t hold back, saying, “Don’t get me started on Bitcoin. This is the stupidest investment I have ever seen.”
Munger, who is 99 years old, has never liked Bitcoin, or tech stocks for that matter. He’s criticized it in the past and doesn’t think it has any use. Last year, he even applauded China for trying to ban Bitcoin, saying its “an investment in nothing.”
His business buddy, Warren Buffett, agrees with him. Buffett has also warned about Bitcoin, once calling it a “gambling token” and more famously “rat poison.” Ok, WWIIers (that’s their generation).
99-Year-Old Doesn’t Get Technology
Isn’t it charming when your great-grandparents try to understand the modern tech world? Imagine being 99-year-old billionaire Charlie Munger, having prospered significantly from the Cantillon Effect (that’s when those close to the money production benefit the most), and still side-eyeing the technological advancements of the 21st century with pure skepticism.
It seems like Munger and his business bestie, Warren Buffett, have made it a hobby to scoff at tech wonders of the world. It’s not just Bitcoin that’s been on the receiving end of their elderly jeers. Nope, they’ve also tossed their jabs at tech giants like Microsoft and Apple in the past.
The Berkshire Hathaway duo, Munger and Buffett, have amassed wealth in traditional sectors, perhaps offering them a comfy cushion that shields them from understanding the nuances of tech evolution.
Yet, it’s worth a chuckle or two to recall how the two, who have greatly profited from the fiscal system, have repeatedly missed the bus on technology’s disruptive journey. Microsoft, Apple, and Bitcoin weren’t just passing trends as they might have once thought. Quite the opposite – these entities rewrote financial and technological narratives on a global scale.
Certainly, one can’t help but muse: might their derision for technological advancements stem from a place of not quite getting it? After all, when you’ve spent most of your life without smartphones, cloud computing, and online payments, these innovations might appear as fanciful sci-fi.
In the light and spryly spirit of playful jest: Oh, Charlie, your bafflement at the digital world brings a light chuckle to our modern, tech-savvy hearts! May we all continue to navigate the cryptic world of Bitcoin with a little more open-mindedness and a little less “back in my day” nostalgia.