Berkshire Hathaway Vice Chairman Charlie Munger criticized Bitcoin at the company’s AGM this weekend despite Bitcoin’s accelerating growth.
The billionaire met with Warren Buffett in Los Angeles to discuss key industry topics including Bitcoin.
Munger shared his thoughts on Bitcoin with everyone. A 97-year-old man commented on the cryptocurrency, stating, “Of course, I hate the success of bitcoin.”
Bitcoin’s success annoys Munger
Bitcoin has undoubtedly been one of the biggest winners in the financial markets in recent years. More than 16,000% growth over the past five years.
Bitcoin’s popularity increased in 2021 when it broke a three-year record. In 2021, the cryptocurrency has grown by another 130%. At the peak of growth to $ 65,000.
Bitcoin’s total market capitalization recently surpassed Berkshire Hathaway.
Munger described his lack of investment in cryptocurrency as “someone just invented a new financial product out of thin air.”
Warren Buffett had little comment on Bitcoin but agreed with Munger. Both investors have shared their negative views on Bitcoin for years. Munger has previously criticized bitcoin volatility.
At the Daily Journal shareholder meeting in February, Munger said, “I don’t think bitcoin will become a medium of exchange for the world. It’s too volatile to be a good medium of exchange. “
Mass adoption continues
Mungers’ comments come at a time when Bitcoin is starting to gain massive acceptance in the market. Online payment service PayPal recently added cryptocurrencies to its product range.
PayPal CEO Dan Shulman expects the financial system to change dramatically over the next five years. “The demand from the cryptocurrency has been multiple compared to what we originally expected,” Shulman said. “There is a lot of excitement.”
Lack of education is a problem
Lack of education related to the cryptocurrency market can be a factor hindering further adoption. However, Gemini Exchange is trying to change this.
Bitcoin maximalists and twins Cameron and Tyler Winklevoss have merged their cryptocurrency exchange with Learn & Earn. The partnership will allow students to learn about cryptocurrencies while earning rewards.
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