During University of Michigan’s Ross School of Business event Munger was asked about his views on crypto-currencies.
I think it’s absolutely asinine to even pause and think about them. Munger stated. It is bad people, mad bubble, bad concept, luring people into the idea of simple wealth without a lot of insight or workplace. That is the very last thing on Earth you ought to consider … There are lot of things which are not likely to work for you. Figure out exactly what they are and avoid them like the plague. And one of them is Bitcoin. It’s complete insanity.”
The interview was published on Wednesday (20th December 2017) On the business school’s YouTube channel. The event was held in Los Angeles on 30 November 2017 for school’s alumni. The video has mostly gone unnoticed with roughly 7,000 viewpoints as of Friday (22nd December 2017) morning.
The 93-year-old Billionaire investor further clarified why Bitcoin isn’t a substitute for gold
“You know that it is one thing to consider gold has a fabulous store of value since man doesn’t have any means of inventing more gold or getting it quite easily, so that it has the benefit of rarity. Believe me; man is really capable of generating more Bitcoin. They tell you that there are rules and they cannot do it. Do not believe them. Whenever there’s sufficient incentive, bad things will happen.”
In recent weeks, Munger is not the only big name for criticizing Bitcoin investment.
Value investing giant Seth Klarman called the virtual currency a speculative “trading sardine” last Friday (16th December 2017). And DoubleLine Capital CEO Jeffrey Gundlach forecasted on 13th December 2017 in the event that you bet against Bitcoin that day “you will make money.
The Purchase Price of Bitcoin declined 28 percent below $12,000on Friday (23rd December 2017), according to Coinbase. In spite of of the sharp fall, the virtual currency is still up about 1,100 per cent this season
Munger is just one of Those Most celebrated investors in the world and has been an important partner in Buffett’s success. Before becoming vice chairman of Berkshire Hathaway, the billionaire had the track record himself. From 1962 to 1975 Munger’s investment venture generated 20 percent annual yields compared to S&P 500’s 5 percentage.
Source: http://www.unkrypted.com/avoid-bitcoin-like-plague-says-charlie-munger/
Ricky Makan is a venture capitalist and Crypto Enthusiast best known for pioneering the market for Digital Marketing. He is a Co-founder of Unkrypted, a platform which provides the latest news and information that helps understand everything about the ever-evolving world of digital currencies. He is been fascinated by Blockchain technology since the first time he heard about it in 2013