Charlie Munger of Berkshire Hathaway has said: The world is full of foolish gamblers, and they will not do as well as the patient investor.
Charlie Munger of Berkshire Hathaway has said: The world is full of foolish gamblers, and they will not do as well as the patient investor.
3/5/2023
The 99-year-old Munger also gave a statement regarding crypto in a piece in The Wall Street Journal. The op-ed piece included his thoughts on cryptocurrency, calling it a form of gambling and calling for the US to intervene.
Munger: “Instead, it’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity,”
The Berkshire Hathaway vice chairman said that crypto is not a security, currency, or commodity. Warren Buffett also shared his skepticism regarding cryptocurrency, but Munger's take against crypto can be seen as potentially more public.
In another article by CNBC, Buffett shared his thoughts regarding Bitcoin specifically. He shared how he would not buy Bitcoin and said it was magic.
Buffett: “Whether it goes up or down in the next year, or five or 10 years, I don’t know. But the one thing I’m pretty sure of is that it doesn’t produce anything... It’s got a magic to it and people have attached magic to lots of things.”
Data from 95 countries from 2015 to 2022 showed that 75% of retail traders lost money on Bitcoin, according to a study by the Bank of International Settlements. It showed that a lot of the downloads for major apps happened when the price of BTC was past $20,000.
We published a report in July sharing the different pro-athletes that lost money to crypto. Some of the names during those times included Klay Thompson, Sean Culkin, and Aaron Rodgers.
In 2022 alone, the crypto market has lost over $2 trillion.
Munger: “What should the U.S. do after a ban of cryptocurrencies is in place? Well, one more action might make sense: Thank the Chinese communist leader for his splendid example of uncommon sense,”
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