Billionaire Charlie Munger Labels Bitcoin “Stupidest Investment Ever”Advertisement
Berkshire Hathaway Vice Chairman Charles Munger has once aimed at Bitcoinand cryptocurrencies, declaring they are the worst kind of investments.
Munger, known for his candid and often controversial views, commented on Thursday during the annual Zoomtopia online conference organized by communications technology company Zoom. Notably, the billionaire had been invited to give a keynote address on AI, coinciding with the company’s launch of new AI-based innovations.
Munger’s Bitcoin Rant
When asked about his take on the world’s largest cryptocurrency, Munger responded, “Don’t get me started on Bitcoin. This is the stupidest investment I have ever seen.”
Now 99 years old, Munger has been a vocal opponent of cryptocurrencies and blockchain technologies for some time. In 2021, he famously compared Bitcoin to “rat poison”and likened it to a “venereal disease.”He also questioned the potential of digital gold to become a global means of payment.
In February 2022, Munger slammedthe US government for not banning cryptocurrencies before praising China in July for its decision to ban cryptocurrencies and referred to them as “an investment in nothing.” On previous other occasions, he has also consistently criticized the rise of cryptocurrencies and their impact on the financial landscape, terming them as investments with no intrinsic value.
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Munger’s criticism of Bitcoin and cryptocurrencies is shared by his long-time business partner, Warren Buffett. Previously, Buffett has referred to Bitcoin as a “gambling token” and expressed concerns about its impact on society.
Munger on AI
Meanwhile, at the conference, Munger also shared his thoughts on artificial intelligence (AI). However, while acknowledging the importance of AI breakthroughs, he cautioned against the excessive hype surrounding the technology.
He pointed out that AI has existed since the 1950s, stating, “We’ve always had artificial intelligence, where software creates more software. And, of course, that’s very useful, but we’ve had it for a long time.”
Munger’s scepticism about AI is not new. He has previously expressed doubts about the transformative potential of AI, stating in May this year that “old-fashioned intelligence works pretty well.”Despite recognizing the importance of AI, he has remained cautious about the excessive optimism surrounding its capabilities.
That said, the cryptocurrency market has experienced significant volatility and fluctuationsand the year 2022 witnessed a widespread selloff, referred to as “Crypto Winter,”resulting in a substantial loss of market capitalization. While Bitcoin has recovered somewhat from its lowest point this year, its price is still a far cry from its all-time high.
Ads by CointrafficBerkshire Hathaway’s Charlie Munger Slams Bitcoin, Says Most Crypto Investments ‘Going to Zero’: ReportInvesting veteran Charlie Munger of Berkshire Hathaway is reportedly saying most digital assets – including Bitcoin (BTC) – will ultimately go to zero.
Speaking at Zoom’s Zoomtopia conference, Fortune reportsthat the 99-year-old vice chairman of Warren Buffett’s empire says that investing in crypto is stupid.
“Don’t get me started on Bitcoins – that was the stupidest investment I ever saw. Most of those investments are going to zero.”
In 2021, the known Bitcoin and digital asset skeptic said he wished crypto had “never been invented.”
“Believe me, the people who are getting into cryptocurrencies are not thinking about the customer, they’re thinking about themselves.”
Munger also remains firm in his stance that artificial intelligence (AI) is getting more attention than it deserves, even though there have been significant technological breakthroughs in the field.
“I think it’s getting a huge amount of hype. And I think it’s probably getting more than it deserves. We’ve always had artificial intelligence, where software creates more software. And, of course, that’s very useful, [but] we’ve had it for a long time.”
At Berkshire Hathaway’s 2023 shareholder meeting, Munger said that he was not buying into the hype surrounding AI.
“I’m personally skeptical of some of the hype that has gone into artificial intelligence. I think old-fashioned intelligence works pretty well.”
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Generated Image: MidjourneyDOJ Wants Exclusion of Evidence on SBF’s Investment in AnthropicThe heart of the DOJ’s argument lies in the assertion that evidence regarding the current value of Bankman-Fried’s investments, particularly his stake in Anthropic, is irrelevant to the charges against him.
The legal saga surrounding Sam Bankman-Fried (SBF), the founder of the crypto exchange FTX, continues to unfold as the US Department of Justice (DOJ) seeksto exclude specific evidence from his defense.
The request aims to preclude the defendant from introducing evidence or argument related to the current value of certain investments made by Bankman-Fried, particularly his investment in Anthropic, an Artificial Intelligence startup.
Background of the DOJ Request on Anthropic
Sam Bankman-Fried is facing charges related to wire fraud, specifically the misappropriation of funds from FTX customers to finance various investments, including the aforementioned investment in Anthropic. The DOJ alleges that these funds were stolen from FTX customers, forming the basis of their case against the defendant.
Anthropic, the AI startup in question, gained public attention by announcingplans to raise additional capital from investors like Amazon.com Inc(NASDAQ: AMZN) and Google. Reports suggest that this new investment could potentially value the company between $20 billion and $30 billion, which may significantly impact the value of Bankman-Fried’s initial investment.
Meanwhile, FTX took a stake in Anthropic that was worth $500 million when it filed for bankruptcy nearly a year ago. However, the bankruptcy trustee for FTX has not yet soldFTX’s stake in Anthropic.
This delay in selling the stake has now become a matter of interest and speculation, especially among FTX creditors who are eagerly anticipating any potential recovery from the bankruptcy proceedings.
The DOJ’s Argument
The heart of the DOJ’s argument lies in the assertion that evidence regarding the current value of Bankman-Fried’s investments, particularly his stake in Anthropic, is irrelevant to the charges against him. The government claims that even if the value of these investments has increased significantly, it does not mitigate the alleged fraudulent activities undertaken by Bankman-Fried during the course of his tenure at FTX.
The government cites legal precedents, such as United States v. Sindona and United States v. Males, to emphasize that the immediate intent to misapply and defraud is the primary focus in such cases. The prosecutors, therefore, highlighted that belief in future profitability or intent to repay misappropriated funds is irrelevant.
Furthermore, the DOJ contends that evidence of the current value of Anthropic shares, or any other investments, could mislead the jury and create undue confusion. Valuations in venture capital investments are often speculative and subject to change, as evidenced by the example of FTX itself.
This could potentially lead to a lengthy and unnecessary mini-trial regarding the value of assets available through bankruptcy proceedings, which is unrelated to the central issues the jury needs to decide.
Lastly, the DOJ argues that introducing such evidence could encourage a verdict based on an improper basis. While the government acknowledges that Bankman-Fried’s misappropriation led to FTX’s bankruptcy, it has not offered evidence of how much money victims will ultimately lose.
Therefore, introducing evidence of the current value of investments would serve no purpose other than to prejudice the proceedings.
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Author Benjamin Godfrey
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
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The exchange has already received the funds back. The hacker received a 5% white-hat incentive, or a remuneration of 250 ETH for restoring the funds, as well as a job offer to work as a white-hat security adviser.
Huobi Global‘s HTX crypto exchange has confirmed a refund of the funds stolen in September. The total sum of the refund has amounted to $8.2 million worth 4,999 Ethereum (ETH). Seems that the company has negotiated with the hacker, and as a result of the talks, the hacker made “the right choice” agreeing to give back the funds stolen. Notably, HTX has offered a 5% white-hat incentive, or a remuneration of 250 ETH to the hacker for restoring the funds.
HTX advisor Justin Suntook to the X platform to share the news.
We have confirmed that the hacker has fully returned all funds, as promised, and we have also paid the hack a white hat bonus of 250 ETH. The hacker made the right choice. We would like to express our gratitude to everyone in the industry for their help!
— H.E. Justin Sun 孙宇晨 (@justinsuntron) October 7, 2023
Apart from the Whitehat incentive, the hacker was also offered a job opportunity as a white-hat security adviser in exchange for a prompt and voluntary return.
Justin Sun stated:
“Strengthening blockchain security and protecting user assets is never an easy task, and we have been working tirelessly! Providing full security for user assets is always our goal to strive for! We are thankful for the continued support of our users and community!”
On September 24, a crypto security organization CyversAlerts reported the cyberhack, referring to the vulnerability in one of HTX’s hot wallets as a reason behind it. According to CyversAlerts, the funds were sent to an address that had no previous history. The attacker was promptly identified, and an attractive proposal was sent to them by a separate wallet belonging to Huobi. In particular, the exchange offered to allow the hacker to keep 5% of the stolen funds as a “white-hat bonus” if they chose to return the remaining 95% and not reveal the attacker’s identity. Notably, the deadline for the offer’s validity was until October 2, for the hacker to return the funds. The message was written in Chinese.
The exchange has already received the funds back.
Surge of Hack Attacks
The rapid development of modern technologies not only offers multiple benefits and simplifies our lives but also opens opportunities for hackers to illegally get access to someone’s data. Back in 2020, cyber-attacks were rated the fifth top-rated risk, becoming the new norm across public and private sectors. In 2023, this trend will continue, and the number of attacks will grow. So far, there have been 838 cyber attacks recorded this year, and 71 of them took place in September alone.
The biggest hack attack reported last month led to a loss of $200 million in crypto assets of the decentralized finance (DeFi) project Mixin Network. As we have reported, Mixin had $94.48 million worth of Ether (ETH), $23.55 million in Dai (DAI), and $23.3 million in Bitcoin (BTC) during the hack. The combined value of this portfolio thus reached $141.32 million. Similar to Huobi, Mixin Network offered a $20 million bug bounty if the hackers returned the funds, however, the chances of getting the refund are low.
Vitalik Buterin, Ethereum’s co-founder, also suffereda data breach. Malicious actors gained control of his X (formerly Twitter) account and used it to publish a post claiming to celebrate the arrival of “Proto-Danksharding coming to Ethereum”. They also posted a malicious link that falsely promoted free non-fungible tokens(NFTs).
nextBlockchain News, Cryptocurrency News, Cybersecurity News, News, Technology News
Author Darya Rudz
Darya is a crypto enthusiast who strongly believes in the future of blockchain. Being a hospitality professional, she is interested in finding the ways blockchain can change different industries and bring our life to a different level.
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You have successfully joined our subscriber list.随着技术性强势信号和机构投资流入正式启动,Solana(SOL)正受到加密货币市场的关注。截至2026年3月18日上午,Solana交易价格为94.05美元,较上周上涨10.18%。专家们根据周线图上出现的历史性强势模式,提出了120美元的短期目标价。 捕捉历史强势模式,曾有1,604%暴涨先例 市场分析师指出,Solana的周线图上形成了伴随连续长下影线的蜡烛图模式。该模式是预示过去大规模上涨的技术信号,与曾在2025年引领142%上涨、在2023年引发1,604%暴涨的形态相同。 目前Solana已从2月份的极度超卖区间恢复,较2025年1月创下的历史最高价295美元回调了约70%。分析师将即时上涨目标价设定为120美元,并指出若势头持续,则有可能突破145美元的阻力线。 不过,衍生品市场尚未完全形成大规模买入需求,且当前的复苏趋势是由现货而非杠杆交易主导,这构成了一个变数。 单周流入1,000万美元资本,以太坊流出600万美元 本周有1,000万美元规模的资本从竞争区块链流入Solana网络。特别是仅从以太坊就有约600万美元资金转移至Solana,资本重新配置现象明显。 稳定币活动指标更为亮眼。USDC转账交易量同比激增300%,中位交易手续费维持在0.00047美元水平。这表明基于Solana的支付和应用程序需求正在增长,同时其低成本结构正作为竞争力发挥作用。 Solana生态系统的总锁仓价值(TVL)在2025年已达到约350亿美元。这是从2023年底的30亿美元急剧增长的数字,其中43%由USDC和USDT等稳定币占据。 网络活动指标坚挺,处理4.96万亿笔交易 Solana自推出以来已处理总计超过4.96万亿笔交易,录得3.3万亿美元的交易规模。目前网络内存有价值174亿美元的稳定币,并有超过200万个活跃钱包。 在实物资产代币化(RWA)领域也展现出显著的增长势头。Solana网络上的RWA规模已突破17亿美元,证明了区块链的适用范围正在向传统金融领域扩展。 机构入场正式启动,富达、Bitwise推出ETF 2025年底,包括富达和Bitwise在内的发行商推出了现货Solana ETF,为机构资本流入打开了通道。这被视为Solana继比特币、以太坊之后,确立其主流投资产品地位的一个重要里程碑。 市场整体的上涨势头得益于美国证券交易委员会(SEC)宣布将把大多数加密资产作为非证券处理。此外,万事达卡以18亿美元收购稳定币基础设施公司BVNK,也提高了对加密支付生态系统扩张的预期。 市场参与者分析认为,Solana的低手续费结构和快速处理速度在稳定币支付及DeFi应用程序中提供了竞争优势。当前24小时交易量为34亿美元,市值为537亿美元,占据加密货币市场份额的2.12%。 随着技术分析、链上指标和机构资本流入同时发出积极信号,Solana正成为2026年上半年的核心观察对象。不过,衍生品市场的需求确认以及能否突破主要阻力线,预计将成为决定未来价格方向性的变量。 TokenPost AI 注意事项 本文使用基于TokenPost.ai的语言模型进行了文章摘要。正文主要内容可能被省略或与事实不符。