According to the vice president of Berkshire Hathaway, Charlie Munger, the value of Fiats will fall to zero in the next 100 years. However, this does not mean that the billionaire believes in the prosperity of cryptocurrencies.
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Charlie Munger is not a fan of cryptocurrencies, in fact he considers them useless. Some see them as modern and welcome the currency that is very useful for extortion, kidnapping and… tax evasion. He simply has them for lack of value. Some people think that it is a matter of modernity, and they welcome a cryptocurrency that is so useful in extortion and kidnapping and other… tax evasion.
In practice, however, cash is often chosen by criminals and people who do not want to pay taxes. However, let’s not lose sight of Charlie Munger’s age. The legendary investor is 98 years old. Therefore, it is difficult to expect him to be able to understand what Bitcoin is and appreciate the advantages of the blockchain. That is why the billionaire fully supports the actions of the Chinese government
Munger not only underestimates cryptocurrencies, but also openly admits that he admires the Chinese government’s decision, joining the initiative and showing his desire to ban cryptocurrencies immediately; “I admire the Chinese for banning them. I think they were right and we were wrong to allow this to happen.” On the other hand, his friend Warren Buffett does not share Charlie Munger’s opinion. We know that he had recently increased his exposure to crypto-related fintechs.