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The richest 99-year-old investor explains why cryptocurrencies should be banned
The man who is called one of the most successful investors of all time has shared his opinion on cryptocurrencies. charlie Munger, 99, the right-hand man of Berkshire Hathaway, criticized digital assets and called everyone who invests in cryptocurrencies idiots.
Answering questions from journalists at the Daily Journal investor meeting, Munger did not fail to reiterate his dislike of cryptocurrencies. «I think they’re all [ΡΠ½Π²Π΅ΡΡΠΎΡΠΈ ΡΠ° ΠΏΡΠΈΡ ΠΈΠ»ΡΠ½ΠΈΠΊΠΈ ΡΠΈΡΡΠΎΠ²ΠΈΡ ΡΠΎΠΊΠ΅Π½ΡΠ²] idiots. Cryptocurrencies are useless and investors should avoid people who promote them,» said Charlie Munger.
«I can say that I have never invested in cryptocurrencies and I’m proud of it. They are like some kind of venereal disease. And I am disgusted by the success of bitcoin. I don’t like the fact that an asset invented by someone for no reason is attracting billions of dollars,» the outraged investor said. He emphasized that inflation is the most important problem now, but one should not try to invest in cryptocurrencies to avoid devaluation of their assets. Munger added that he would be happy if the United States banned cryptocurrencies on its territory.
«Cryptocurrencies are not currencies, not commodities, and not securities. It’s a gambling treaty with a nearly 100% casino advantage, made in a country where gambling treaties are traditionally regulated only by states that compete in weakness. It is clear that theUS should pass a new federal law that will ban cryptocurrencies ,» Munger told the Wall Street Journal in early February.
It is worth noting that many analysts and investors would disagree with Charlie Munger’s point of view. One of them is Blockstream CEO Adam Beck. The expert believes that the price of BTC could reach $ 10 million by 2032. A few days ago, Beck noted that since 2013, the BTC rate has only doubled, so if this trend continues, in about nine years, the price of bitcoin will reach $ 10 million and the market capitalization will reach $ 200 trillion.