At the online annual shareholder meeting assisted by the Daily Journal, Charlie Munger, the right-hand man of warren Buffett and vice chairman of Berkshire Hathaway, said he hoped other countries would follow China's lead and immediately ban bitcoin and cryptocurrencies.
Munger, 98, said: "I want it to be banned immediately and I admire Chinese ban it".
Munger likened cryptocurrencies to "some kind of sexually transmitted disease" and was "dismissive" of it, and he was "proud" to avoid them over the years.
Tesla CEO Musk immediately began to taunt the skill, responding on Twitter: "In 2009, I had lunch with Munger, and he told the whole table about all the ways Tesla would fail, which made me sad, but I told him, I agree with all these reasons, we may fail, but it's worth trying anyway." ”
Tesla is currently the world's most valuable automaker, at one point over $1 trillion, at the time of writing at $907.5 billion. In 2010, Tesla became the second U.S. automaker to go public after Ford Motor Company, which made its initial public offering in 1956. Since its listing, Tesla stock has returned a staggering nearly 24,000 percent, making it the hottest growth tech stock in the market. Tesla shares have risen 32% in the past six months, and Musk has become one of the world's richest entrepreneurs.
Munger, who has previously commented publicly on Musk, said in an interview with The Australian last December that Musk is competent but overconfident in himself, saying: "Some extreme success will come from people who try very extreme things because they are overconfident." ”
Munger has long been a public critic of cryptocurrencies, and last February, Munger likened bitcoin to "lice," suggesting that cryptocurrencies are only useful for extortion, kidnapping, and tax evasion.
Bitcoin's current market capitalization is nearly $800 billion, according to DataSubel terminal data. As of press time, it is trading at $40,822. In recent months, the crypto market has shown great volatility as investors have prepared for the Fed's expected rate hikes by selling off risk assets.
Munger has worked closely with Warren Buffett for decades. According to Forbes, Munger's net worth as of January 2021 is estimated at $1.9 billion. Its Helmed Berkshire Hathaway, a major shareholder in Apple, has recently extended its investment tentacles to crypto, contrary to Munger's extreme attitude. Berkshire Hathaway has previously reported that it has invested $1 billion in Brazilian digital bank Nubank, which allows users to invest funds in cryptocurrency-related exchange-traded funds (ETFs).
As more and more banks offer their services in new fintech offerings, and Berkshire Hathaway's indirect exposure to crypto has increased by investing in emerging banks, Munger may not have completely avoided crypto as he thought — what he considers a "styroid."
By Mary Liu
For more information, please join:
Than push discord community: https://discord.gg/QSvv7MZ2tz
Than push TG AC group: https://t.me/BitPushCommunity
Than push TG subscription: https://t.me/bitpush
Twitter ：https://twitter.com/BitpushNewsCN
This article is from Bitui, article link: https://www.bitpush.news/articles/2245042 reprint should indicate the source