🍎 🍕 Less apples, more pizza 🤔 Have you seen Buffett’s portfolio recently?Explore for Free

Charlie Munger Once Said 'Just Say No' To Bitcoin: A Legacy Of Caution

Published 20/06/2024, 19:13
© Reuters.  Charlie Munger Once Said \'Just Say No\' To Bitcoin: A Legacy Of Caution
BRKb
-
BTC/USD
-

Benzinga - by Abbey Higginbotham, Benzinga Staff Writer.

Charlie Munger, the late vice chairman of Berkshire Hathaway Inc. (NYSE:BRK) (NYSE:BRK), was known for his candid skepticism of cryptocurrencies during his tenure. He famously advised investors to avoid adding Bitcoin (CRYPTO: BTC) to their retirement accounts.

Munger's Stance On Cryptocurrency During the 2022 Berkshire Hathaway annual shareholder meeting, Munger emphatically stated, “When you have your own retirement account and your friendly adviser suggests you put all the money into Bitcoin, just say no.” His sentiment reflected a broader disdain for cryptocurrencies, a stance shared by his longtime business partner, Berkshire CEO Warren Buffett.

Buffett, famously dubbed Bitcoin “rat poison,” and has also expressed wariness about new forms of money. He emphasized the stability of traditional cash despite inflation concerns, remarking that while inflation reduces the purchasing power of a $20 bill, new digital forms of money should not be trusted.

A Transition Without Munger The 2024 Berkshire Hathaway shareholder meeting was notably the first without Munger, who passed away in November 2023 at 99. His sharp wit and investment wisdom left a lasting impact on the company and its investors. Buffett and Munger’s critical view of Bitcoin contrasts the growing institutional interest in cryptocurrency, evidenced by the SEC’s approval of Bitcoin ETFs.

What This Could Mean In light of these ongoing debates about the legitimacy and future of digital currencies, events like Benzinga’s Future of Digital Assets are crucial. Scheduled for Nov. 19 in NYC, this event promises to be a major gathering for digital asset companies and institutional investors.

As the financial world continues to evolve, the legacy of Munger’s cautious approach to Bitcoin serves as a reminder of the diverse perspectives within the investment community. The Benzinga Future of Digital Assets event will be crucial for addressing these perspectives, fostering dialogue, and exploring the future of money.

Read Next: Bitcoin Whale Makes $395M Purchase: Here’s How Their Last Trade Went

Image: Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.