99 year old billionaire says 'Bitcoin is for idiots' and 'massively stupid'

One of the most successful investors of all time, 99-year-old Charlie Munger, has called Bitcoin 'crap' and 'very dangerous' to civilisation' in a blistering attack on 'cryptosh*t'

Ciarn Daly Technology reporter

14:36, 16 Feb 2023

[Bitcoin cryptocurrency background. A bunch of golden bitcoin, Digital currency]

A very wealthy 99-year-old has called Bitcoin 'cryptocrap'(Image: Getty Images/iStockphoto)

A 99-year-old man has called Bitcoin and other cryptocurrencies are for 'idiots', and warned that they are 'massively stupid' and 'dangerous'.

This isn't just the ramblings of an old man refusing to change with the times however. These are the words of one of the richest investors of all time, billionaire Charlie Munger.

Mr Munger, who is vice-chair of massive investment firm Berkshire Hathaway, shared his frank thoughts on cryptocurrency shareholders of the Daily Journal Corporation on Wednesday.

In the meeting, a livestream of which was reported on by The Register, Mr Munger said that governments 'were totally wrong' to permit cryptocurrency.

[Charlie Munger, vice chairman of Berkshire Hathaway Inc., speaks during the Daily Journal Corp. shareholder meeting in Los Angeles, California, U.S., on Thursday, Feb. 14, 2019. Munger discussed investing, banks, China, and health care at the meeting. Photographer: Patrick T. Fallon/Bloomberg via Getty Images]

Charlie Munger is one of the world's most successful investors(Image: Bloomberg via Getty Images)

Mr Munger reportedly said: "You can think of hardly nothing on Earth that has done more good to the human race than currency. National currencies were absolutely required to turn man from a successful ape [into] human civilisation because it enabled all these convenient exchanges.

"So if somebody says I'm going to create something that sort of replaces the national currency it's like saying I'm going to replace the national air. It's asinine, it isn't even slightly stupid, it's massively stupid and of course it's very dangerous."

He added: "Governments were totally wrong to permit it and of course I'm not proud of my country for allowing this crap."

[Mid-section of young Asian woman using smartphone in city at night, against illuminated street lights bokeh, working with Bitcoin technologies, investing or trading Bitcoin on cryptocurrency. Business on the go]

The value of Bitcoin and other cryptocurrencies have plummeted over the last year, but are making a study recovery(Image: Getty Images)

Mr Munger previously described Bitcoin as 'cryptosh*t'.

The value of Bitcoin and other cryptocurrencies like Ethereum plummeted from record highs in 2022. Bitcoin lost around 70% of its value, dropping from a peak of $69,000 in 2021.

The popular cryptocurrency was even introduced as legal currency in the South American country of El Salvador, months before its value plummeted.

The cryptocurrency market is however making a slow but steady recovery, with the value of Bitcoin rising past $24,000 this week.

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