Cryptocurrency expert names factors that will cause all cryptocurrencies to fall

Famous American investor, lawyer, and economist Charlie Munger has once again spoken out against investing in digital assets. The expert said that these are «foolish investments» as «most cryptocurrencies will fall to zero.»

During the Zoomtopia conference hosted by Zoom, the 99-year-old vice chairman of Berkshire Hathaway confirmed his status as a crypto skeptic. Back in 2021, he said that he wished cryptocurrencies had never been invented.

«I wouldn’t want to start a conversation about bitcoin. It is the stupidest investment I have ever seen. Most of these investments will fall to zero. Believe me: people who deal with cryptocurrencies do not think about the profit of clients, they think about themselves,» Charles Munger emphasized.

The investor also noted that the field of artificial intelligence attracts too much attention. Munger acknowledged significant breakthroughs in this area, but, in his opinion, the hype around AI is too great.

In February this year, Charlie Munger called on the US authorities to ban cryptocurrencies in the country. «Cryptocurrencies are not currencies, commodities, or securities. It is a gambling agreement with a nearly 100% advantage for casinos, concluded in a country where gambling agreements are traditionally regulated only by states that compete in weakness. It is clear that the US should pass a new federal law that will ban cryptocurrencies ,» Munger told the Wall Street Journal.