Investing 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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