November 7, 2023

Charlie Munger Voices Concern Over Recent Bitcoin Price Surge

The Vice Chairman of Berkshire Hathaway, Charlie Munger, has once again addressed bitcoin in his most recent statement.

In a recent interview with the Wall Street Journal, Charlie Munger, the renowned investor and Vice Chairman of Berkshire Hathaway, voiced apprehension regarding the recent surge in the price of bitcoin (BTC), the largest cryptocurrency globally.

When questioned about his thoughts on the rapidly escalating value of bitcoin, Munger admitted, “It definitely worries me.” He expounded on his fundamental principles, which he believed to be crucial for every educated individual. These principles are rooted in the teachings of Adam Smith, the progenitor of modern economics, emphasizing the significance of individuals safeguarding their possessions more diligently than those of others.

Munger underscored the pivotal role of currencies in facilitating trade and advancing civilization. “As far as we know, the only way to go from hunter-gatherer to civilization that has ever worked is to have a strong currency,” he remarked. He pointed out the diversity in forms this currency can take, ranging from seashells or corn kernels to gold coins and the pledges of banking systems, as seen in the US, Europe and the UK.

Nonetheless, Munger conveyed reservations about the creation of an “artificial currency” such as bitcoin. He analogized it to hurling a “stinky marble” into a time-tested recipe that has served many people well. Munger's remarks mirror his enduringly critical stance on bitcoin and other cryptocurrencies, which he perceives as potential disruptors to the established financial system.

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