Billionaire Charles Munger: Avoid Bitcoin, This is Insane
December 22, 2017
“I think it is perfectly asinine to even pause to think about it. It's bad people, crazy bubble, bad idea, luring people into the concept of easy wealth without much insight or work. That's the last thing on Earth people should think about. There's just a whole lot of things that aren't going to work. Figure out what they are and avoid them like the plague. Bitcoin is one of them, it is total insanity,” Munger said.
The 93-year-old billionaire investor explained why Bitcoin is not a replacement for gold.
“You know it is one thing to think gold has some marvelous store of value because man has no way of inventing more gold or getting it very easily, so it has the advantage of rarity. Believe me, an ordinary man is capable to creatie more Bitcoins. They tell that there are some rules and they can't do it. Don't believe them. When there is enough incentive, bad things will happen,” he added.
Munger isn't the only elderly investor criticizing Bitcoin. Warren Buffett noted the most popular cryptocurrency bubble in October. More than that, the founder of one of the largest investment funds Vanguard Group Jack Bogle, as well as Charles Manger, compared Bitcoin with plague.