Charlie Munger, vice president of Berkshire Hathaway, the president of the newspaper, and the investor’s business partner but Warren Buffett, has lashed out at the trading of cryptocurrencies and fans on platforms like Robin Hood.
Speaking at the Day by Day Journal annual shareholders meeting, the 97-year-old Munger gave bitcoin (BTC) a goof and said, according to CNBC: “Bitcoin reminds me of what Oscar Wilde said about fox hunting. He said that it was the unspeakable in pursuit of the uneatable.”
The chairman dissolved the fact that bitcoin could become a “medium of exchange for the world,” claiming that it was “too volatile” Munger also warned that problems could arise for new retailers and said he thinks it “must end badly, but I don’t know when.”
And it appears that Munger is not the only influential business leader that shows apparent disgust and disdain for recent crypto events.
The patriarch of European fintech firm Klarna Sebastian Siemiatkowski also expressed he was concerned about Twitter’s role in bitcoin marketing and said that regulators should act immediately to protect people from losing their investments.
A leader like Munger has had trouble with the crypto community since the very beginning. In 2018, he urged Washington to “stomp” crypto “hard” in a China-style attack. He called cryptocurrencies a “totally stupid” aberration and dismissed Bitcoin as a “noxious poison.”
In 2019, he went back with even more anger, stating that crypto project managers were fans of “Traitor Iscariot.” On Twitter, Anthony Pompliano of Morgan Creek Electronic attacked Munger by calling him a hypocrite. Pompliano stated that he found some irony in the fact that Munger thought Robinhood was a “dirty way of perceiving incomes while telling the crowd to take it easy on his portfolio of companies.”
Wells Fargo was fined $ 3 billion for breaking the law as a referral to a legal case settled last year with the American Area of Reason (DOJ). The DOJ wrote that, between 2002 and 2016, Wells Fargo had spoken out of “pressuring employees to meet unrealistic sales targets that led to thousands of employees providing millions of accounts or products to customers with fake pretexts or without consent, often creating false records or misuse of customer identities.”
What Else Did Munger Tell CNBC?
“If I go to Twitter and search for bitcoins, I see the crowd writing: ‘buy now, or you will lose the most significant opportunity of your life. If I advertised Klarna shares with very similar handwriting, I would receive a fine or even end up in a dungeon. I am astonished that regulators do not go after these utensils. “
Who is Charles Thomas Munger?
Charles Thomas Munger is an American investor and former real estate attorney, and philanthropist. He is vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett, who described Munger as his partner. Munger also served as a leader of Wesco Financial Corporation from 1984 through 2011. He is also chairman of the Daily Journal Corporation, a corporation with roots in Los Angeles, California.
By: Jenson Nuñez
