‘Never Buy It’—Warren Buffett’s Right-Hand Man Issued A Stark Crypto Warning After Terra Luna-Led Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Price Crash – Forbes
Bitcoin BTC and cryptocurrency prices have collapsed in recent weeks, falling sharply in a crash partly triggered by the implosion of the terra stablecoin and its support coin luna.
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The bitcoin price has crashed under $20,000 per bitcoin, down from almost $70,000 late last year, and dragging down other top ten cryptocurrencies, including ethereum, BNB BNB , XRP XRP , cardano, solana and dogecoin.
Now, Warren Buffett’s right-hand man Charlie Munger has warned people to “never buy” bitcoin or other cryptocurrencies—branding those in the crypto industry “either delusional or evil.”
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Legendary investor Warren Buffett (L), the chief executive of Berkshire Hathaway, and vice chairman … [+] Charlie Munger have both criticized crypto in recent years, even as the price of bitcoin ethereum, BNB, XRP, solana, cardano and dogecoin have soared.
“Crypto is an investment in nothing,” Munger, the vice-chairman of Buffett’s Berkshire Hathaway BRK.B , told the Australian Financial Review. “I regard it as almost insane to buy this stuff or to trade in it.”
Both Munger and Buffett have previously railed against bitcoin and cryptocurrencies, comparing the crypto market to a casino.
“I think anybody that sells this stuff is either delusional or evil,” Munger said, adding: “I’m not interested in undermining the national currencies of the world.”
The price of bitcoin, ethereum and other major cryptocurrencies have plunged in recent weeks, wiping more than $2 trillion from the combined crypto market and sparking a wave of bankruptcies, mass layoffs and the collapse of some projects, such as the terra stablecoin and its support coin luna.
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The bitcoin price has been hovering around $20,000 per bitcoin in recent months after a brutal … [+] crypto crash wiped around $2 trillion from the combined price of ethereum, BNB, XRP, solana, cardano and dogecoin.
At Berkshire Hathaway’s annual shareholder in April, Buffett explained his long dislike of bitcoin, attributing it to bitcoin not producing anything tangible—unlike companies or property. His comments led to Tesla TSLA billionaire Elon Musk mocking the legendary investor on Twitter.
Buffett has previously called bitcoin a “delusion” and “rat poison squared.”
via Inferse.com https://www.inferse.com
July 16, 2022 at 10:56AM