99-Year-Old Charlie Munger Takes Aim at Bitcoin Once More
Charlie Munger, the seasoned investor from Berkshire Hathaway, recently expressed his views on digital assets, including Bitcoin (BTC), during a presentation at Zoom's Zoomtopia conference.
At the age of 99 and serving as the vice chairman of Warren Buffett’s conglomerate, Munger did not mince words when he described his perspective on crypto investments.
According to a report by Fortune, Munger deemed investing in cryptocurrencies as unwise and remarked, “I have to say, the fascination with Bitcoin — that was one of the most ill-advised investments I’ve ever witnessed. The majority of these investments are destined for insignificance.”
In 2021, Munger conveyed his regret regarding the invention of cryptocurrencies, stating, “Honestly, I wish the concept of cryptocurrency had never come to fruition. In my view, those venturing into the realm of cryptocurrencies are primarily focused on personal gain rather than customers’ well-being.”
Additionally, Munger maintained a steadfast position on his skepticism towards the hype surrounding artificial intelligence (AI), despite acknowledging the notable technological advancements in this domain.
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He opined, “The level of enthusiasm for AI is, in my opinion, disproportionately high. I believe it may be receiving more attention than it merits. We’ve always had artificial intelligence, where software begets more software. Undoubtedly, it serves its purpose, but it’s not a new concept; we’ve had it for quite some time.”
During Berkshire Hathaway’s shareholder meeting in 2023, Munger reiterated his reservations about the AI frenzy, stating, “Personally, I maintain a skeptical outlook towards the excessive enthusiasm surrounding artificial intelligence. Traditional intelligence, in my estimation, continues to be highly effective.”