Friday, December 22, 2017

Buffett Partner Charlie Munger Rips Bitcoin Says Avoid It ‘Like the Plague’; 'Bad People' Around It

Warren Buffett's top confidant, Charlie Munger, was asked for his views on cryptocurrencies during a University of Michigan's Ross School of Business event was held in Los Angeles on Nov. 30.

"I think it is perfectly asinine to even pause to think about them," Munger said. "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 you should think about … There's just a whole lot of things that aren't going to work for you. Figure out what they are and avoid them like the plague. And one of them is bitcoin. … It is total insanity."

The 93-year-old billionaire investor further 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, man is capable of somehow creating more bitcoin. … They tell you there are rules and they can't do it. Don't believe them. When there is enough incentive, bad things will happen.

(ht Murray Sabrin)

(via CNBC)

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