Following the recent cryptocurrency market crash, various dignitaries have poured in their views and opinions on the topic.
In such a fuming scenario, an old recording of Warren Buffett, an American business magnate, investor, philanthropist, and currently the world’s sixth-wealthiest person has been trending on social media. The clip features Buffett alongside his partner/friend Charlie Munger talking about cryptocurrencies in 2018.
Buffett and Munger in the video can be seen criticizing cryptocurrencies and people being involved with them. Buffett says that the crypto market has turned out to be an attraction for charlatans which means people falsely claiming to have special knowledge or skill. These charlatans manipulate the people who only want to get rich because their neighbors are getting rich. He also predicted crypto to finally end up with a bad fate.
Munger, supporting Buffett’s view, says that he dislikes cryptocurrencies even more than him. He refers to cryptocurrencies as ventures and says that the people trading in them are only doing it because others around them are doing too. He goes on to call cryptocurrencies disgusting too.
The video was shared on Twitter by an economist named Stephen Geiger who commented that the billionaire duo was aware of what they spoke and that’s phenomenal given the ongoing market scenario. It has received over 28.1k likes and has about 1.4 million views at the time of writing.
A lot of crypto critics have been vocal about the market and feel validated following the alleged collapse of FTX. One of the renowned names in the critic alley is Buffett, he has been criticizing crypto ever since the start. Around May 2018, he provoked the crypto community by saying that the industry was rat poisoned-square.
As reported by Todayq earlier this year, he again criticized the crypto sector, especially Bitcoin saying that he wouldn’t even spend $25 in return for the entire global circulation of the cryptocurrency. He also said that crypto had no chance against the U.S. dollar. On the other hand, Munger predicted that the price of Bitcoin could even drop to zero.