There has been a concurrent backlash of Bitcoin by veteran investors like Warren Buffet and Charlie Munger. They have time and again criticized the cryptocurrencies for having no physical value. They say it is of no use if it doesn’t have a physical value, but it could just be their perspective. Charlie Munger’s recent statement had some ire as well.
He was recently invited to a crypto event which he declined and said that the Bitcoin Investors celebrate the life and work of Judas Iscariot.
If you have read the Bible you know Judas was the disciple that betrayed Jesus. By saying this, Is Munger trying to make Bitcoin anti-religious? Or does he mean it in a villainy way? We don’t know for sure.
What we do know is his absolute hatred for the cryptocurrencies along with his investor-in-arms Warren Buffet. Could these men really have a point when they ridicule those who invest in Bitcoin? Or are they just a couple of old men who are insecure because of their inability to understand the market in spite of their years of experience.
It’s true they are great investors in their own right, but the technology involved in cryptocurrency is new to the world. People hardly know much about it which has created a certain paranoia around it. They may know a lot about investing, but blockchain and cryptocurrencies aren’t their forte.
Munger’s Remarks about Bitcoin Traders
Bitcoin investors weren’t the only ones who were targeted by Munger. He has also taken a dig at traders as well in the past. He had said that the professional traders trading in Bitcoin is disgusting. He also said that it need not be used by everyone just because it’s clever computer science.
As the crypto market inches towards stability and Bitcoin showing good promise in the market is it possible that these two investing giants change their minds about the cryptocurrencies or will they continue to hate it even when it grows like the way it is growing now?
With Bitcoin at a considerable high price now, it could be assumed that serial investors like Buffet have kept an eye on it. There may come a time when these people would themselves becomes the proponents of the crypto, but until then nothing could be said.
As the industry moves towards more innovative solutions to all things crypto, there would also be a better platform for people who don’t understand crypto that well so that they don’t go about saying that it just sits there, does nothing.