Munger constantly criticizes Bitcoin for its extreme volatility. “It is a kind of artificial substitute for gold. And since I never buy gold, I never buy bitcoins,” he said in February 2020. “Bitcoin reminds me of what Oscar Wilde said about fox hunting. He said it was’ the unspeakable in persecution of the inedible, ‘”he added at the time.
A few weeks ago, the founder and CEO of Binance, Changpeng Zhao, says nothing happens if billionaire investors like Warren Buffett don’t invest in cryptocurrencies, as this business is not for everyone. In fact, Zhao believes the Berkshire Hathaway CEO would do well not to get involved.
“It would not convince you to invest in cryptocurrencies. I think it is not necessary for everyone to have to invest in cryptocurrencies,” Zhao said in a statement to Yahoo Finance Live. Zhao praised Buffett’s investment skills after reading a book on the Oracle of Omaha, “Warren Buffett: Inside the Ultimate Money Mind.” “Buffett” has a lot of investment theses that are timeless. And that still applies to cryptocurrencies. It’s just that he’s not personally interested in cryptocurrencies. “
But at the same time, Zhao said he believes they have similar investment strategies. “He likes to have a small number of stocks that he knows well. And he doesn’t want to diversify into hundreds of stocks. And that’s very similar to my personal mindset. I only have BMB and BTC. I don’t diversify through different crypto assets,” Zhao said.
He added that Buffett “is at a different stage in his life where I believe that learnings, philosophies and teachings are valuable to the world. He is very successful, which I respect very much. We don’t need to get him into crypto.”
The billionaire Warren Buffett has been a strong critic of Bitcoin in recent years, repeatedly dismissing the cryptocurrency as worthless and a risky and speculative asset, according to a Business Insider article.
“Cryptocurrencies are basically worthless and do not produce anything. They don’t breed, they can’t send you a check, they can’t do anything, and what you hope is someone else to come and pay you more money for them later, but then that person has the problem. In terms of value: zero ”, expressed at the time.
At the same time, he warned that Bitcoin can be used for spurious purposes: “Bitcoin has been used to move a good amount of money illegally. The logical move of the introduction of Bitcoin is to make small suitcases because the money that was carried in suitcases from one country to another. You can see that as the economic contribution of bitcoin to society, “he concluded bluntly.
Source From: Ambito
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