Charlie Munger Calls Bitcoin The ‘Stupidest Investment I Ever Saw’

October 7, 2023 8:14 AM | 2 min read

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Charlie Munger, the vice chairman of Warren Buffett‘s Berkshire Hathaway (NYSE:BRK) (NYSE:BRK), expressed skepticism about the hype around artificial intelligence, or AI, and criticized cryptocurrencies during a recent appearance at a conference.

What Happened: Speaking at Zoom’s Zoomtopia conference on Thursday, Munger stated that the AI sector is receiving more attention than it deserves. He acknowledged AI’s importance and its long existence, which dates back to the 1950s, but voiced doubts about its potential to bring about a utopian future, reported Fortune.

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The seasoned investor also dismissed the notion that AI could cure diseases like cancer and expressed skepticism about the technology’s overall impact on society.

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Munger’s views on cryptocurrencies were just as critical.

He labeled Bitcoin (CRYPTO: BTC) as the “stupidest investment” and predicted that most cryptocurrencies would lose their value completely.

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Munger, a longtime critic of crypto, had previously compared Bitcoin to “rat poison” and other cryptocurrencies to a “venereal disease.”

“Don’t get me started on Bitcoins — that was the stupidest investment I ever saw,” he said, adding, “Most of those investments are going to zero.”

Why It Matters: His sentiments echo those of his business partner, Buffett, who previously labeled Bitcoin a “gambling token,” and other industry leaders like JPMorgan CEO Jamie Dimon, who once compared buying cryptocurrency to “owning a pet rock.”

Cryptocurrencies have been struggling to recover from a 2022 selloff that wiped off more than $200 billion from the market in a single day.

Bitcoin, the leading cryptocurrency, is still trading far below its all-time high of nearly $69,000, with its current price just under $28,000.

Read Next: Bitcoin, Ethereum, Dogecoin Tumble Ahead of Crucial Jobs Data: Analyst Sees A Bearish Flag Pattern In King Crypto, So What’s The Silver Lining?

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