Berkshire Hathaway’s Charlie Munger on why BTC is artificial substitute for gold

Spread the love

Vice-Chairman of Berkshire Hathaway and billionaire investor Charlie Munger remains unimpressed with Bitcoin’s recent rally past $50,000.

In a recent interview with the Daily Journal, Munger said he couldn’t decide what was worse – Tesla potentially reaching a $1 trillion fully diluted enterprise value or Bitcoin hitting $50,000. He said,

“I can’t decide the order of precedence between a flea and a louse, and I feel the same way about those choices. I don’t know which is worse.”

Like many other investors, Munger doesn’t think that Bitcoin will end up being the medium of exchange for the world.

“It’s really kind of an artificial substitute for gold. And since I never buy any gold, I never buy any bitcoin.”, said the investor, recommending that others follow his practice.

Munger went on to compare the craze behind the world’s largest digital asset to an Oscar Wilde metaphor about fox hunting. According to him, it is “the pursuit of the uneatable by the unspeakable.”

Many in the community took to Twitter to state that Munger “didn’t get it” and not understanding the underlying technology was the reason behind his negative perception of the asset.

RECOMMENDED READ:  Ethereum Fails to Surmount Crucial Resistance as Traders Eye a Pullback

Twitter has been an active community for those in the crypto space to discuss and share their perspectives about the market and this is something that concerns Sebastian Siemiatkowski, CEO of Swedish banking corporation Klarna.

Siemiatkowski noted that the underlying technology behind Bitcoin is interesting but fears that retail investors will be drawn in by tweets urging people to buy the cryptocurrency without thinking about the risks involved.

“If I go on Twitter and search for bitcoin, I can see people writing: ‘Buy now or you’re going to miss the biggest opportunity of your life,’” Siemiatkowski told CNBC in an interview.

“If I would take Klarna stock and advertise it with similar writing I would get a fine or I would even be put to jail,” he added. “I am very surprised why regulators aren’t chasing these elements.”

 392 Interactions,  10 today

READ ALSO:
The CEO of Goldman Sachs maps Bitcoin’s “inevitable course” towards Gold.

It's been two weeks since Morgan Stanley revealed that Bitcoin would be added as a qualifying investment to a number Read more

Why Jerome Powell, US Federal Reserve Chairman says Bitcoin is a better replacement for gold than the dollar

Jerome Powell, the chairman of the United States Federal Reserve, recently made a positive remark about Bitcoin, which seemed to Read more

Why hedge fund founder Anthony Scaramucci says Bitcoin is ‘better than gold’ if you research it

Getting to know Bitcoin exposes its advantages over gold as a store of cash, according to SkyBridge Capital's Anthony Scaramucci. Read more

Good reasons Bitcoin cannot be compared with gold

Macro movements have played an important part over the past few weeks. With U.S. Treasury Bonds facing an increase in Read more

Data from this analyst indicates escalating speed of Bitcoin replacing Gold

Commodity Strategist Mike McGlone recently posted on Twitter that his evidence points to an accelerated speed of bitcoin replacing gold Read more

Bitcoin vs gold, why MicroStrategy says Investors want Bitcoin

Gold and Bitcoin proponents are likely to keep debating with each other as both gold enthusiasts and bitcoin maximalists adhere Read more

Why is the comparison between Bitcoin and Gold irrational?

The comparison between Bitcoin and Gold is as mainstream as Bitcoin is. However, despite the decoupling of the two assets, Read more

Why Knowledgeable Gold Analysts think weak gold reason for Bitcoin surging

Gold's chances appear to diminish as bitcoin's shine. According to numerous analysts, one potential explanation for Bitcoin's extraordinary recent price Read more

Bitcoin overtakes gold as it hits all-time high

BTC has reached another landmark, this time against gold bullion, the oldest reserve currency in the world. Bitcoin's price claimed Read more

Chris Wood Reduces Pension Fund Gold for BTC

Chris Wood, an executive at Jeffries Financial Group, will cut some of the company’s gold position and buy Bitcoin. The Read more

Leave a Reply

Contact Us