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Charlie Munger, the billionaire investor and partner of Warren Buffet, has made some inflammatory comments on both fiat currencies and crypto assets.
The 98-year-old vice chairman of Berkshire Hathaway has hypothesized that fiat currency is “going to zero” in the next hundred years.
The veteran investor made the comments in an interview with Yahoo! Finance which was picked up and re-tweeted by MicroStrategy CEO Michael Saylor on Feb. 17. Saylor commented that there is a solution to failing fiat currencies in Bitcoin:
“Like many intelligent investors, he understands the problem, but is unaware that we have engineered a solution in the form of bitcoin.
Munger did not specifically finger the dollar, but it was pretty obvious that is what he meant. Inflation in the U.S. is currently at a four-decade high of 7.5% as the cost of living continues to skyrocket. This means that $1 is worth less than it was this time last year, and the year before that, and so on. This is largely due to central bank money printing, which has diluted the supply.
According to Reuters, Munger claimed to be proud that he has avoided the “venereal disease” that is crypto, adding:
“I just regard it as beneath contempt. Some people think it’s modernity, and they welcome a currency that’s so useful in extortions and kidnappings and so on … tax evasion.”
What he failed to acknowledge is that cold hard cash is still the currency of choice for money-laundering, extortion, and tax evasion.
Munger continued his tirade stating, “everybody has to create his own new currency, and I think that’s crazy too,” adding:
“I wish it had been banned immediately, I admire the Chinese for banning it, I think they were right and we [the United States] were wrong to allow it,”
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