Charlie Munger recently came out swinging against Bitcoin, but if you understand what he just said, he was actually praising gold…
Billionaire Vice Chairman of Berkshire Hathaway has come out swinging against Bitcoin.
Here’s some of what he said about Bitcoin and the people who speculate with it, via Fox Business:
Munger told FOX Business’ Liz Claman on Monday that bitcoin was “rat poison” five years ago when the digital currency was trading just above $100 and now refers to it as “more expensive rat poison.”
“I like it when my country steps hard on idiot booms instead of fanning the flame,” Munger said during an interview on “Countdown to the Closing Bell.” “If there’s ever anything that needed stepping down on hard, it’s bitcoin.”
Munger said investors who are bullish on cryptocurrency are fueling economic consequences that harm the U.S.
“To me, it’s just dementia,”Munger said Saturday during Berkshire Hathaway annual shareholders meeting in Omaha, Nebraska. “It’s like somebody else is trading turds, and you decide you can’t be left out.”
Munger was also interviewed on CNBC on Monday, and again he talked about Bitcoin, but his time in light of gold:
And that is really a telling statement if you think about it.
The MSM must never allow anything positive to be said about gold, but they just let this little nugget slip by their filters.
Probably because “worthless” and “artificial” and immediately preceded the word “gold”, and, as such, the title and posting got auto-approved as an anti-gold hit piece.
But let it sink in for a moment:
Regardless of whether you agree with Munger or not, the man has had a successful lifetime of investing and managing money, and when he was a little boy, we still had gold coins in circulation, and as an adult, he would have used silver coinage before it was removed from coins in 1965, so Munger is one to know what gold is and what gold is not.
And while Munger is clear that Bitcoin is not gold, but rather Bitcoin is “worthless artificial gold”, then the opposite of his statement is true – “real gold is valuable”.
– Half Dollar
About the Author
U.S. Army Iraq War Combat Veteran Paul “Half Dollar” Eberhart has an AS in Information Systems and Security from Western Technical College and a BA in Spanish from The University of North Carolina at Chapel Hill. Paul dived into gold & silver in 2009 as a natural progression from the prepper community. He is self-studied in the field of economics, an active amateur trader, and a Silver Bug at heart.