- Charlie Munger, vice chair of Berkshire Hathaway, criticized cryptocurrencies again in a recent interview, comparing the crypto industry to a “stinkball” that disrupts a financial system that has worked for centuries.
- In response, members of the crypto community defended digital assets on Twitter, arguing that Munger lacks expertise in technology and innovation given his age.
- At 98 years old, Munger represents old guard skepticism toward rapid technological change, but his criticism is unlikely to stop the momentum of blockchain and digital disruption.
The 98-year-old investing legend compared the crypto industry to a “stinkball,” stating that artificial currencies disrupt a financial system that has worked well for centuries. While Munger credited cryptocurrencies for being disruptive, he reiterated his distaste for digital assets.
“The only way to get from hunter-gathering to civilization that we know of that’s ever worked is to have a strong currency,” Munger told the WSJ. “It can be gold coins, it can be promises in banking systems. When you start creating an artificial currency, you’re throwing your stink ball into a recipe that’s been around for a long time that’s worked very well for a lot of people.”
Earlier this year, Munger called bitcoin the “stupidest investment” he’d ever seen. As chair of Berkshire Hathaway, his investments have made him a personal fortune of around $26 billion.
The Crypto Community Responds
In response to Munger’s dismissive remarks, members of the crypto community defended digital assets.
A verified Twitter user with the handle Cute Baby replied, “Although I fully respect Mr. Munger, I wouldn’t get bitcoin advice from someone born in 1924.”
Another user, Andrew Fenton, joked, “Charlie is old enough to have watched the transition from hunter gatherer to civilization.”
While Munger has repeatedly bashed cryptocurrencies, advocates point out that he lacks expertise in computer technology and disruptive innovation. His ultra-conservative views seem increasingly out of touch in the digital age.
At 98 years old, Charlie Munger represents an old guard suspicious of rapid technological change. While his criticism stings, the crypto community remains undeterred in its conviction that blockchain is the future. Munger’s skepticism is unlikely to halt the momentum of digital disruption.