Crypto News: Charlie Munger, the 99-year-old vice chairman of Berkshire Hathaway and longtime friend of Warren Buffett, has been a staunch critic of Bitcoin (BTC), the world’s first cryptocurrency powered by blockchain. However, many industry stalwarts have recently come in favor of the flagship cryptocurrency and criticized Munger and Buffet for their misinformed or simply unfounded opposition to the crypto sector.
Charlie Munger’s Anti-Bitcoin Stance
On Thursday, CNBC’s leading anchor Joe Kernen responded to Charlie Munger’s most recent attack against Bitcoin by challenging his anti-crypto claims. In particular, the presenter ridiculed the billionaire’s opinion while also pointing out his lack of expertise on the topic. This comes after Munger made an appearance on CNBC’s Squawk Box on Wednesday, where Rebecca Quick questioned him about his stance on cryptocurrencies and urged him to support the arguments against it. However, after some delay, Munger ultimately decided not to comply with the request.
Furthermore, Munger went on to state that:
I don’t think there are good arguments against my position,” he said. “I think the people that oppose my position are idiots.
After being referred to as “rat poison”, and “gambling contracts”, Bitcoin received another new adjective in Wednesday’s interview. Charlie Munger rechristened the new digital asset as “crypto shit”. “Sometimes I call it crypto crappo, and sometimes I call it crypto shit,” he stated while adding that he found it “ridiculous that anybody would buy this stuff.”
Joe Kernen’s Scathing Remark
After the interview went live, Joe Kernen stated that Munger’s remarks represented a fundamental, “pedestrian,” attitude on cryptography, which is something that he has heard from people who are absolutely uneducated on the subject for the past “20 years. “I don’t think he’s read the first page of the Bitcoin Standard, or whatever book you want to go to,” Kernen said.
The Bitcoin Standard, written by Saifedean Ammous, examines the historical evolution of money around the world and makes the case that Bitcoin will inevitably become the preferred form of money. Instead of requiring a national government to be its issuer, it portrays money as something that spontaneously emerges on the free market.
Bitcoin’s Growing Acceptance
On the other hand, the proponents of cryptocurrencies, like Mark Cuban, Michael Saylor and Michael Novogratz assert that digital assets offer advantages over conventional financial institutions in terms of privacy, security, faster transaction speeds, and cheaper transaction costs.
The statements made by Munger made headlines on major crypto news portsals as it comes at a time when investors in cryptocurrencies are facing a deluge of challenges over the past few months. During the course of the last year, the crypto market lost close to $2 trillion while the value of Bitcoin, dropped by more than 60% in the year 2022 alone.
As things currently stand, the price of Bitcoin (BTC) is trading at $24,087 which represents a decrease of 2% over the past 24 hours, in contrast to a decline of 9.7% over the last seven days.
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