Ever heard a grandpa rant about those newfangled gadgets? Well, Charles Munger, Vice-Chairman of Berkshire Hathaway, might just be that tech-skeptical grandpa in the high-stakes world of finance. According to him, most modern cryptocurrencies will see their value plummet to a big, fat zero.
The businessman predicts that the lion’s share of crypto investments will go bust. Moreover, he considers Bitcoin the “stupidest investment he ever saw”.
Remarkably, Munger is hardly a great admirer of crypto and blockchain. Back in 2021, he equated Tesla and the premier cryptocurrency to "a louse and a flea." The investor does not believe Bitcoin can ever become the global payment method.
In 2022, Vice-Chairman of Berkshire Hathaway called digital assets an “investment in nothing.” He even gave a thumbs up to China's anti-crypto mining stance, while throwing shade at U.S. officials for not hopping on the crypto ban-wagon.
Moreover, Munger, Warren Buffett's sidekick in making fortunes and funny remarks, had thoughts on Artificial Intelligence (AI) too. According to him, the revolutionary tech is just causing "unnecessary hype." Even though he believes that the tech isn’t groundbreaking since its roots trace back to the 1950s, he admits some developments in AI are indeed mind-blowing. Yet, he is not buying into the buzz around it.
