Warren Buffett’s ‘Deputy’ Wishes Bitcoin ‘Was Never Invented’, Praising China's Crypto Ban
Billionaire Charlie Munger, 'right-hand man' of legendary investor Warren Buffett, expresses extreme views on cryptocurrencies in general and Bitcoin in particular.
This is not a new view for the 97-year-old vice chairman of Berkshire Hathaway. Munger previously said that his hatred of Bitcoin has increasingly grown amid the Covid-19 pandemic during an annual shareholder meeting of Berkshire in May.
“Of course I hate the success of bitcoin,” he said. "I don't welcome a currency that is too useful for kidnappers and extortionists etc., I also don't like handing over trillions of dollars of money to someone who just invented a new financial product out of thin air."
Munger also said that he think he should say humbly that "this whole damn development is disgusting and goes against the interests of human civilization."
Of course, Bitcoin advocates strongly oppose to Munger. They believe that this cryptocurrency is a haven against inflation. They argue that Bitcoin is a rational peer-to-peer financial system.
But Munger has consistently criticized bitcoin for its extreme volatility. "It's really a man-made asset to replace gold. And since I've never bought gold, so will bitcoin," Munger said at the Daily Journal's annual shareholder meeting in February.
As for Bitcoin, the world's largest cryptocurrency has unexpectedly had a correction since December 4 when the value has continuously plummeted.
According to Coinmarketcap data, Bitcoin was trading at $46,951 (at 14:12 on December 4, Vietnam time), falling to the lowest level in nearly 2 months, since the beginning of October.
Meanwhile, data from the world's largest cryptocurrency exchange Binance also shows that there was a time when Bitcoin fell deeply to $ 42,620 at 7 am on December 4.
In just the past 24 hours, Bitcoin has dropped 17.71% in value. Bitcoin's market capitalization also evaporated by nearly $200 billion, from $1.08 trillion to less than $885 billion.
In particular, about $2.4 billion was liquidated on Saturday, the most since September 7 according to data from Coinglass.
Like other corrections, the Bitcoin price also dragged down the price of many other cryptocurrencies, sending the entire market in the red.
According to CoinDesk, Bitcoin's plunge was triggered by concerns about the emergence of a COVID-19 variant called Omicron, which is suspected of being able to "evade" the immune response of the human body, making itself more contagious.
At the same time, the negative comments of the US Federal Reserve (FED) when trying to tackle high inflation also caused the cryptocurrency market to plunge.
H/T: Markets Insider (businessinsider.com)
Munger’s extreme viewpoint
Source: Coin Gape
This is not a new view for the 97-year-old vice chairman of Berkshire Hathaway. Munger previously said that his hatred of Bitcoin has increasingly grown amid the Covid-19 pandemic during an annual shareholder meeting of Berkshire in May.
“Of course I hate the success of bitcoin,” he said. "I don't welcome a currency that is too useful for kidnappers and extortionists etc., I also don't like handing over trillions of dollars of money to someone who just invented a new financial product out of thin air."
Munger also said that he think he should say humbly that "this whole damn development is disgusting and goes against the interests of human civilization."
Of course, Bitcoin advocates strongly oppose to Munger. They believe that this cryptocurrency is a haven against inflation. They argue that Bitcoin is a rational peer-to-peer financial system.
But Munger has consistently criticized bitcoin for its extreme volatility. "It's really a man-made asset to replace gold. And since I've never bought gold, so will bitcoin," Munger said at the Daily Journal's annual shareholder meeting in February.
Current situation of Bitcoin
Source: The Motley Fool
As for Bitcoin, the world's largest cryptocurrency has unexpectedly had a correction since December 4 when the value has continuously plummeted.
According to Coinmarketcap data, Bitcoin was trading at $46,951 (at 14:12 on December 4, Vietnam time), falling to the lowest level in nearly 2 months, since the beginning of October.
Meanwhile, data from the world's largest cryptocurrency exchange Binance also shows that there was a time when Bitcoin fell deeply to $ 42,620 at 7 am on December 4.
In just the past 24 hours, Bitcoin has dropped 17.71% in value. Bitcoin's market capitalization also evaporated by nearly $200 billion, from $1.08 trillion to less than $885 billion.
In particular, about $2.4 billion was liquidated on Saturday, the most since September 7 according to data from Coinglass.
Like other corrections, the Bitcoin price also dragged down the price of many other cryptocurrencies, sending the entire market in the red.
According to CoinDesk, Bitcoin's plunge was triggered by concerns about the emergence of a COVID-19 variant called Omicron, which is suspected of being able to "evade" the immune response of the human body, making itself more contagious.
At the same time, the negative comments of the US Federal Reserve (FED) when trying to tackle high inflation also caused the cryptocurrency market to plunge.
H/T: Markets Insider (businessinsider.com)
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