Charlie Munger on crypto: It's ridiculous anybody would buy this 'massively stupid' stuff
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- Опубліковано 14 лют 2023
- Billionaire investor and Berkshire Hathaway Vice Chairman Charlie Munger speaks at the Annual Shareholders Meeting of the Daily Journal Corporation. For access to live and exclusive video from CNBC subscribe to CNBC PRO: cnb.cx/2NGeIvi
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I liked the very subtle, almost undetectable hint that he doesn’t like crypto
Yea my powers of discernment....the best and the brightest ...have led me to believe that he is possibly perhaps incongruent with Crypto
Charlie at 99 still full of energy 😂❤
@@kasonboz508 instead of donating his money Munger hates BTC so much he will use his will to buy all BTC in existence and then delete his private key 🤣🤣🤣🤣
You sure have a funny way of spelling $hit.
@@kasonboz508 he’ll probably live longer than most of us. He’s too rich to die.
@@Paidonjok 😂 prayers 🙏 from 🇳🇵nepal for Charles munger good health
RIP
This man has the best team of doctors and chefs, keeping him going strong.
Every year to assess his health his doctor asks "What do you think of cryptocurrencies?"
plus diet coke and peanut brittle
@@chadthundercock646lol true!
Not anymore
Doctors can’t keep you running to 99 nor does money.. he is just a lucky man.. he would admit his age is an abnormally.
Rip
This man once compared cryptocurrencies to turds and venereal disease. He is my hero.
id buy that turd if it was outperforming the sp500 like its doing now
Charlie was a legend but clueless about bitcoin. RIP@@laurentgagne892
Everyone buys Bitcoin at the price they deserve. 🤡
Difference is people who gamble on the Super Bowl know they are gambling, whereas in crypto they think they are investing
PONZI coin is a legitimate investment.
Your comment didn't age well. Wait until I come back and say it again in 2025.
@@musictags lol what? my comment is more relevant than ever, ask anyone with an FTX account. Even Cz is gone bc of mismanagement. I'll say it again loud and clear: crypto is a scam. how much are your jpeg monkeys worth today?
Their comment is still right lel, Bitcoin can reach 10M$ value for all I care, the jackpot in casino also keeps rising until someone cashes out@@musictags
@@musictags Based on what exactly? Charlie's got a life time of experience investing. You cannot under estimate that. Yes, BTC is printing money right now and more people are going in. Have you ever thought about the ones that have no exit plan and will end up holding the bag? Look at doge coin 'investors'. Prime example of bag holders
This man is mad switched on for his age. Hes unbelievable. Would love to watch a video on his opinions away from finance. Keys to life, regrets, goals etc. Ive been bitcoin since 2011 but i still love him.
I dont believe him in his final comment though about if you took all the moneybhe bet against odds it wouldnt be more than a few thousand dollars.....
Bitcoin 2016 here.... charlie munger always gives me a chuckle 🤭
He wrote a book. Poor Charlie's Almanac. Great read
This guy is 99!!!!!!! Incredible, I need to see his birth certificate. I 💕 him
Now that he is gone his absence leaving a whole in the financial industry. His words hit harder and his insights are even more brilliant. RIP. We will be studying this man till now and forever.
He is absolutely right, crypto should be forbidden!
His argument that national currencies have contributed to the evolution of civilized societies as they enable the exchange of goods and services through a common means of payment is spot on. Totally correct that it's ridiculous to offer something that contrary to "legal tender" has no government backing or guarantee. And how many times die he say "crypto-s...."? I lost count :) Point very well taken though.
never underestimate stupidity in large groups
never underestimate the stupidity of an internet user
Correct. as a long term investment crypto sucks. But as a trading instrument? One guy wins, the other schmuck loses. I've been in both shoes
A long term investment in Bitcoin would have made you filthy rich, genius. Had you invested $1 in Bitcoin at its initial trading price in 2010, today you would have over $20,000,000 worth of Bitcoin, Einstein.
@@skipondowntheroad5833 also if you bought at 60k, would ruin you, Einstein.
@@skipondowntheroad5833 Most people who purchased crypto back then have since lost access to their wallet.
@@Igor_054if you lost your wallet with a $100 bill in it, does that make cash stupid, or just you? Your comment didn't age well.
What part of it has been a bad investment long-term? It has only increased in value since its creation and continues to.
When you buy crypto, you are betting on other humans being stupid enough to fall for the story and you being smart enough to be earlier than the other fools.
Yep
Just like buying stocks lol
@@ikaros21except stocks are regulated and less volatile compared to crypto
Can you explain what's wrong with Bitcoin besides your explanation of why people buy it? What is the fundamental reason it won't work or shouldn't work?
@@CoDisafishy getting paid returns based purely on people that buy in at a higher price
Tell us how you really feel 😂 probably one of his greatest sound bytes ever
If Bitcoin was that dumb it would be incredibly easy to refute it.
@@carsonwentz8301 At least one thing crypto has going for it is that it doesn't have one of the necessary aspects of a bubble, because it is still not widely held, unlike things like the dollar, real estate, bonds. It's interesting because unlike most financial instruments, self-mined crypto (not purchased via a KYC/AML) is property with reasonably good privacy and resistance to confiscation (unlike a depositor's dollar in a bank account, which can be "bailed in" to save the bank if the government decides it's "too big to fail"). Charlie seems to talk a lot about things on the "too hard" pile, and although at his age it's reasonable to not have time to study every new asset, every investor has to decide whether to study crypto for themselves. Or at least to decide what it is...
@Chaig Tin Not surprisingly you're looking at the small picture and munger is looking at the big picture.
He cant actually bring an argument to the table other than "youre an idiot". Thats a kindergarten IQ and it appeals to others with the same mental disability.
@@NoName-ml5ykMunger sees Bitcoin as a threat to the traditional banking system of which he is invested in. And he is right, Bitcoin will put him out of business if he lives long enough
Gonna come back to this in 2026...
Amazing how sharp he is with 99. Spot on as always
Not in this case
Honest man...god bless him.
It's like you knew him personally
Honest man who honestly loves to keep you poor fam :). Enjoy!
These contraptions will never replace the trusty horse! They’re noisy, smelly, and unreliable. Who would want to travel in one of those?
out with the old in with the crypto..it all depends on which cryptocurrency your referring too.
How bout “Crapto” 😂
RIP Charlie
Greatest moment on television since the Will Smith / Chris Rock incident.
He is more coherent than Biden
This is how u know who controls the world
Yeah man! He prolly just shorting crypto
great example of out with the old in with the new.
I love Bitcoin but that doesn’t stop me acknowledging this guy is a gem. Love him he’s a legend
Love Bitcoin? What's there to love? It's horrible stuff that has absolutely no social value.
@@adielstephenson2929 no social value? Why don’t you read the Bitcoin Standard or The Price of Tomorrow before making pigheaded comments like that.
@@JimJamJuicy I've already read them, you dope. They're about as idiotic as you could possibly imagine. It has zero social utility.
You just buy it so you can sell it to someone at higher price and so on, Basically Turddd
@@shuruyoshiyeh of course der
That was was funny, becky is awesome 😂
Charlie, Thats for centralized exchanges. Financial institutions can use blockchain technology to lower fees for exchanging internationally. It's software. The future. Decentralized exchanges are not controlled by banks.
That man is 99, and I would bet he didn't believe in the internet and said the same thing and now owns stocks in that industry 🙄, Oh ya, that is true, lmao btc to the moon
I was pleasantly suprised by the expletives.
He is totaly right.
No
Rest in Peace legend 🙏🙏
This is a Bull Flag
Why don't they ever ask them harder questions? Like seriously press them on their reasoning instead of just laughing at their name calling?
He's answered this question so many times, his rational is that it isn't a good store of wealth and that it can't replace currency. Buffett doesn't like gold and so 🤷🏽♂️
@@jonjone661 maybe he has in the past and maybe he said it here at some other point but in this clip it looks like he said nothing factual. Just name calling talking like a baby.
If they did I doubt they pressed any further challenging their claim that it has "no intrinsic value" and that it "can't replace currency" means it's bad. You just mentioned gold. Gold has "no intrinsic value" in that it isn't a "productive asset" producing a dividend like stocks. That didn't prevent it from being a store of value and a standard universal currency for thousands of years. Also Munger's beloved USD has no intrinsic value either. Having no intrinsic value doesn't mean its not a valuable asset. I'm surprised they would mislead the public like that... I'm sure they not only know the difference but they know most people don't know the difference or even the definition of intrinsic value for that matter.
Also, what about mining and proof of stake which produces NEW coin and rewards those for keeping the network operational? That's obviously a form of production which is a clear way to measure intrinsic value. So even that argument "it has no intrinsic value" is factually completely incorrect.
The problem with Buffet's logic is he doesn't realize the difference between bitcoin (the cryptocurrency unit) and Bitcoin (the Blockchain network based system). Even if the unit itself doesn't have intrinsic value, the system does due to mining. Another way of saying this is does a dollar or ANY UNIT OF CURRENCY have any intrinsic value? No. So what.
Also, value is truly broader than just something being able to produce cash flow. There is extreme value in not being beholden to your local government and it's banking cartel which is why the stuff was created in the first place. Literally Buffet and Munger praise fiat like it's such a good thing (maybe because they have too much of it) but the vast majority of people disagree. MOST people see how governments have and will continue to abuse their currency and drown their people in debt and big government. The theory is that BTC and crypto offers a counter to that sickness of central planning and government debt
I could go on and on. So my point is why don't these "journalists" do the same with these guys? It's supposed to be their job. Oh wait I know. Because they want to keep them happy so they keep coming back on FURDA VIEWS
@@jonjone661 bad rational because he has no clue that in a lot of third world countries people don't have access to banking but do have access to cell phone so they use BTC and other cryptos to do business. Just he other day a country limited their citizen to only withdrawal up to $250 a month so people started buying BTC to navigate those restriction. BTC was created for this exact reason so with all due respect Mr. Munger is way to old to do research on these things and his and buffet's mind are too hardened to understand that some people are really benefiting from crypto. Of course in the west we don't have a urgent need for it right now but that's just ignorance that they don't get that others less fortunate have need for it.
Why keep repeating what you should be able to see....daily collapse of crypto, scams around every corner and fools parted with their money. Crypto is for children with no patience and expecting some easy pathe to financial freedom.
@Joe Fuentes Gold doesn't have intrinsic value but crypto does? Lol.. Do you even know what gold is do you even know what all it is used for?
i bet he still uses a slip phone from 2003
I love how one of the crypto companies used one of his famous quotes for staking 🙂
At his age he can say anything he wants
He's right tho.
focus on chess bud @@chessandmathguy
RIP financial genius of his time, maybe not the future :)
“Give me liberty or give me bitcoin” - John Stuart Mill, circa 1776
That reminds me of the famous quote by Abraham Lincoln who said the trouble with quotes posted on the internet is often they are not true.
Almost forgot......buy Bitcoin !
Those glasses must be strong af
That is an epic trap! Good one CNBC.
My guy Charlie’s watch is MASSIVE. Complete opposite of Buffett haha
I will say it, "that was not a counter argument to crypto"
Crypto is not an argument, so no counter argument is required.
What's the counter argument to pig ass?
what is the argument for crypto that a counter argument needs to counter?
RIP to a great one.
Did he just say buy ape coin?
🤣😆🤣
Why’s Becky laughing so loudly out of such a disrespectful comment?
U could use all his arguments for the classic stock market.
U.S. jobs market looks great, but layoffs at Google, Amazon and other big firms tell a different story.
You gotta love Charlie and Warren ❤
RIP Charlie, you changed my life.
Mommm, grandpa is swearing and acting weird again.
Classy..Wouldn't owning major stock in several different banks suffice as a conflict of interest?
Charlie and Warren are in their 90’s ( Charlie is 99) but have energy of 65 year old.
They wake up every day to balance sheets, income statements and sales reports…. That’s very exciting, keeps your mind sharp and your spirits high
you are totally absolutely correct.
At last sanity reigns call it crypto Ponzi scheme
We need to maintain the status quo. Keep them poor!
I agree, ...except for Hedera.
I Agree 😊
A national currency holder talking..
Charlie, how do you really feel?
Charlie is 100% correct … decades of experience in investing … crypto is gambling … just waiting for it to come crashing down!!! 😂😂
Me too, I love how he helped me miss 20,000% gains in Bitcoin by listening to him...
I like how the same people have been saying exactly that for the past 10 years since BTC was $1 and providing no logical substance just a lot of name calling and baseless claims.
@@joefuentes2977 exactly. The people who bash it literally have no insight to its utility. Additionally, they don’t even realize that their fiat is more useless and scammy. The very fact that one man at the FED (a private institution) can push markets up or down with a meeting and a speech is asinine.
Enjoy being poor
Options is gambling, obscure altcoins is gambling, pinksheets is gambling, meme stocks are gambling, but blockchain and digital assets are the future.
Out with the old in with the new. I am sorry, but if you can remember a time when there were NO computers then you might not be ale to understand digital currency.
Well Charlie, tell us how you really feel!!!!🤣🤣🤣🤣🤣
The obvious argument is that bitcoin grows value and the dollar loses value.
If it’s a currency, then it’s better to inflate away slowly rather than appreciate.
If it’s an asset, how do you value it? Property valued of the income it generates. Businesses valued by sum of their future cashflows too.
Gold is a useless asset to hold, so replacing gold is also useless.
I wouldn't be a cocky crypto investor (opps, I mean gambler) and think you're smarter than Charlie Munger
As far as I can tell, Charlie Mongrel's first criticism of Bitcoin was in May 2018 when Bitcoin was at around $9000 dollars. Today Bitcoin is over $24,000. Whose smarter?
Becky is having a good laugh triggering him
Listening to that woman laugh says it all…. disgusting
Or you can hold fiat and let them devalue it.
I also thought it was ridiculous that the cassette was replacing my wight track. Then replacing with the CD. The DVD
Charlie Munger is awesome!
It's called progress, Minger.
Senility is sad
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So he had no arguments against Crypto.
I ❤ Munger, what balls
Pretty saggy I'd bet..... buy Bitcoin
It is speculation. But the government shouldn’t ban it.
bitcoin up over 30% ever since he made this statement lol
Charlie, thank you for you’re wise words.
He stayed brilliant till the very end, I miss him already - very much. He’s right!
Damn what did cypto ever did to him 😂
😂😂😂😂 forreal tho!
Until recently Berkshire had a position in Wells Fargo since the 80's, a company that got caught steeling and just recently paid a couple billion in fines. Berkshire loves traditional banking and insurance thereby having a strong bias against any disruption to those businesses that serve Berkshire well and the rest of like fools....
The man is speaking facts.
More like speaking ignorance
@@bogusfungus
How much has he made investing?? Go ahead look it up. LMK
don't take advice from zombies
It’s truly disgusting
Yes national fiat currency that will steal 98% of your wealth over your lifetime is something to be proud of. Bitcoin doesn't steal your money and prevents government from stealing your money...Bitcoin is something that will raise your standard of living and that's something to be proud of.
I lost 50% of my investment on it
I was dumb. I sold and i am in the stock market
you'll be sorry in a couple years lol, everyone that sells bitcoin at a loss regrets it later on. it goes up and down each cycle, and a new cycle just began
I never understood it... let it be a lesson. The real money is made in things that are not "the thing", until youve INVESTED in it and it becomes "a thing".
I know young people whom thought crypto was the 'new gold'..sad really,
Does anyone remember derivatives? Almost destroyed us.
who is this reporter, I fell in love with her, she has something special!
Perfect example of out with the old and in with new technology.
He threw all the poison he could at 99
But how does he really feel?
mr Charlie not body has said to replace money but this is a asset way better than gold because the cost of this is way cheaper than gold
Don't you think all the power required to mine it is counterproductive and detrimental to society?
You should have asked Charlie to not hold back on his opinions!
ponzi scheme
Smart man
he just called himself an idiot cause Blackrock is an institutional investor in HIVE blockchain
I couldn't agree more with Munger, Buffett and the alike.. it is valueless...
I lost all respect for these old "investment legends".
Charlie Munger is mad at crypto 😂
Ha ha ha who's mad at magic beans?
We will miss him ❤
Becky struggled to keep a straight face.