Legendary Investor and Bitcoin Skeptic Charlie Munger Dies at 99

Last updated: November 29, 2023 01:56 EST
. 1 min read

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The financial world bids farewell to Charlie Munger, the distinguished investor and long-time collaborator of Warren Buffett, who passed away at the age of 99 on November 28.

Munger’s demise marks the end of an era, leaving behind a legacy of impactful contributions to the investment landscape, notably during his tenure at Berkshire Hathaway alongside Buffett.

Munger Wanted to Ban Bitcoin

While Munger’s financial prowess earned him accolades, he was equally known for his opposition to Bitcoin and other cryptocurrencies.

His critical stance on Bitcoin was evident in his public statements, branding the digital currency as “disgusting and contrary to the interests of civilization.”

Munger’s skepticism was rooted in Bitcoin’s notorious volatility and the absence of regulatory frameworks.

Of particular concern to Munger was Bitcoin’s potential misuse in criminal activities, including kidnapping and extortion.

He vocally advocated for a U.S. ban on cryptocurrencies, citing their unregulated and predatory nature.

In a candid interview, Munger expressed his reservations about a currency that could be exploited by criminals, stating, “I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth.”

Despite acknowledging Bitcoin’s rise, Munger begrudgingly referred to it as an “artificial substitute for gold,” comparing it to an unattainable pursuit. Even in the face of Bitcoin’s success, he maintained a critical perspective, stating during a Berkshire Hathaway shareholder meeting, “Of course, I hate the Bitcoin success.”

The passing of Charlie Munger marks a significant moment in financial history, triggering reflections on his outspoken views that have fueled extensive discussions within the financial sector.