 |
| Charlie Munger |
Buffett partner Charlie Munger says bitcoin is ‘total insanity,’ avoid it ‘like the plague’: Warren Buffett’s top lieutenant, Charlie Munger, is a bitcoin skeptic.
Munger was asked for his views on cryptocurrencies during a University of Michigan’s Ross School of Business event. “I think it is perfectly asinine to even pause to think about them,” Munger said.
Read also: Bitcoin: Cryptocurrency could hit $60,000 in 2018 but another crash is coming, says startup exec
That’s the last thing on Earth you should think about … There’s just a whole lot of things that aren’t going to work for you.
And DoubleLine Capital CEO Jeffrey Gundlach predicted on Dec. 13 if you bet against bitcoin that day “you’ll make money.”
The price of bitcoin declined 28 percent to below $12,000 Friday, according to Coinbase. Despite the sharp drop, the digital currency is still up about 1,100 percent this year.
Munger is one of the most celebrated investors in the world and was an essential partner in Buffett’s success. Before becoming vice chairman of Berkshire Hathaway, the billionaire had quite the track record himself.
From 1962 to 1975 Munger’s investment partnership generated 20 percent annual returns versus the S&P 500’s 5 percent.
SOURCE: CNBC