Going to Zero: Charlie Munger Calls Crypto Stupid, A.I. Overhyped
Summary
Charlie Munger said there is zero value in crypto.
He believes gambling is a better use of one’s money.
According to Munger A.I. has been around for a long time and doesn’t deserve the current hype.
Vice chairman of Berkshire Hathaway, Charlie Munger, often called the right hand to famed investor Warren Buffett, is no stranger to colourful language. In 2004, he famously stated, “I’d rather throw a viper down my shirt front than hire a compensation consultant.”
He is also well known for his dislike of all things Bitcoin (BTC) and crypto. Now, speaking during Zoom’s Zoomtopia conference, he stated most digital assets would eventually go to zero.
Crypto: A Stupid Thing, According to Munger
During the conference Munger said, “Don’t get me started on Bitcoins – that was the stupidest investment I ever saw. Most of those investments are going to zero.”
Munger also believes that crypto should not have been invented; he believes that anyone getting into crypto acts out of self-interest only. He stated, “Believe me, the people who are getting into cryptocurrencies are not thinking about the customer, they’re thinking about themselves.”
In a CNBC interview early in 2023, Munger shared his definition about what Bitcoin means to him, stating, “Sometimes I call it crypto ‘crappo,’ sometimes I call it ‘crypto s—.’ It’s just ridiculous that anybody would buy this stuff.”
Munger Says It’s Better to Gamble
According to the billionaire, who has made it to an impressive 99 years of age, unsurprisingly, crypto has no use case. He even went so far to call crypto “Worthless. It’s no good, It’s crazy. It’ll do nothing but harm.”
Adding that he was disheartened by his country for even allowing crypto. In his view, the U.S. Government should follow China in banning digital assets.
Munger holds the view that there is nothing wrong with the monetary system right now. He added that there is nothing on earth that has been better for humans than currencies, especially national currencies.
When asked about gambling Munger said it was ok to bet some disposable income for fun. In any case, it is a lot better than crypto, as far as he goes.
Munger on A.I.
Charlie is no friend of A.I. either, not buying into the recent buzz. According to him, artificial intelligence has been around since the 1950s, and unlike others, he doesn’t see anything transformational in it.
However, Munger has admitted in the past that he is not particularly tech-savvy. While Munger is known for his choice words, Warren Buffet, on the other hand, is taking a slightly softer approach; he reportedly said that he doesn’t understand enough about it to subscribe to the hype.
Meanwhile, His Partner Charlie Munger Does Not Mince Words:
“I think it’s getting a huge amount of hype. And I think it’s probably getting more than it deserves. We’ve always had artificial intelligence, where software creates more software. And, of course, that’s very useful, [but] we’ve had it for a long time.”
I think it’s getting a huge amount of hype. And I think it’s probably getting more than it deserves. We’ve always had artificial intelligence, where software creates more software. And, of course, that’s very useful, [but] we’ve had it for a long time.
Earlier this year during Berkshire Hathaway’s 2023 shareholder meeting, he stated that A.I. is useless as there is nothing wrong with non-artificial intelligence.
“I’m personally sceptical of some of the hype that has gone into artificial intelligence. I think old-fashioned intelligence works pretty well.”
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Filed under: Bitcoin - @ October 10, 2023 3:15 am