Berkshire Hathaway investment veteran Charlie Munger reportedly says that most digital assets – including Bitcoin (BTC) – will eventually go to zero.
Speaking at Zoom’s Zoomtopia conference, Fortune reports that the 99-year-old vice chairman of Warren Buffett’s empire says investing in crypto is stupid.
“Don’t get me started on Bitcoins – that was the dumbest investment I’ve ever seen. Most of those investments go to zero.”
In 2021, the noted Bitcoin and digital asset skeptic said he wished crypto had “never been invented.”
“Believe me, the people involved in cryptocurrencies do not think about the customer, but about themselves.”
Munger also remains steadfast in his position that artificial intelligence (AI) is receiving more attention than it deserves, even though there have been significant technological breakthroughs in this field.
“I think it will get a lot of hype. And I think it probably gets more than it deserves. We have always had artificial intelligence, where software creates more software. And that is of course very useful, [but] we have had it for a long time.”
At Berkshire Hathaway’s 2023 shareholder meeting, Munger said he was not buying into the hype around AI.
“Personally, I’m skeptical of some of the hype around artificial intelligence. I think old-fashioned intelligence works quite well.”
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