Charlie Munger Isn't Bullish on Bitcoin
Munger is currently 97 years old and still an active member of Berkshire Hathaway's board of directors. He is a billionaire investor and Warren Buffet has called him his partner in the past. Munger was born on January 1, 1924, and attended Harvard for his undergraduate degree and law degree.
"I do think that a properly run bank is a great contributor to civilization. And the central banks of the world like controlling their own banking system and their own money supplies. So I don't think Bitcoin is going to end up the medium of exchange for the world. It's too volatile to serve well as a medium of exchange," Munger said.
Berkshire Hathaway has a solid record of returns but has failed to beat the S&P 500 in more than a decade. This has led some skeptics to question whether Munger's opinion is really valid on the topic.
He continued: "And it's really kind of an artificial substitute for gold. And since I never buy any gold, I never buy any Bitcoin. And I recommend that other people follow my practice."
The price of Bitcoin traded lower after Munger's comments and is now sitting below $50,000.