Berkshire Hathaway Vice Chairman Charlie Munger has once again lashed out at Bitcoin and cryptocurrencies, calling them the “stupidest investment” he has ever seen.
Munger, known for his candid and often controversial views, made the remarks during the annual Zoomtopia online conference on Thursday. He was invited to give a keynote address on AI, but he also used the opportunity to talk about his disdain for cryptocurrencies.
“Don’t get me started on Bitcoin,” Munger said. “This is the stupidest investment I have ever seen.”
Munger, who is 99 years old, has been a vocal critic of cryptocurrencies for years. In 2021, he compared Bitcoin to “rat poison” and a “venereal disease.” He has also questioned its potential to become a global means of payment.
Munger’s criticism of Bitcoin and cryptocurrencies is shared by his long-time business partner, Warren Buffett. Buffett has previously referred to Bitcoin as a “gambling token” and expressed concerns about its impact on society.
Munger on AI
Munger also shared his thoughts on artificial intelligence (AI) at the conference. He acknowledged the importance of AI breakthroughs, but he cautioned against the excessive hype surrounding the technology.
“We’ve always had artificial intelligence,” Munger said. “And, of course, that’s very useful, but we’ve had it for a long time.”
Munger’s skepticism about AI is not new. He has previously expressed doubts about its transformative potential, stating in May this year that “old-fashioned intelligence works pretty well.”