In a recent interview, Charlie Munger again criticized Bitcoin. In his opinion, one of the effective ways to develop civilization is to have a strong currency. These could be shells, corn kernels, gold coins or debt obligations – the main thing is that this currency is issued by the central bank, the economist emphasized.
“When people start creating artificial currency, it’s like adding a spoiled product to a traditional recipe that has been around for a very long time and that many people use,” Munger said.
The 99-year-old economist is known for his negative views on cryptocurrencies, especially Bitcoin. Recently, a Berkshire executive warned that most investors will lose money and called Bitcoin “the dumbest investment” he’s ever seen. Previously, Munger did not hesitate to call Bitcoin “rat poison” and a venereal disease.
At the beginning of the year, a professional investor criticized the American government for allowing its citizens to buy Bitcoin. A few years ago, Munger spoke out about the ban on cryptocurrencies and mining in China, calling the actions of the Chinese authorities the right step.
Source: Bits
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