The two investing giants argue that the changing tide on crypto shouldn’t be taken as evidence that it is something of real value.
“It’s got magic to it”, says Buffet.
Wherever you stand on bitcoin or bunnies in hats, it would be foolish to completely discard the opinion of these two finance giants.
On Saturday, Munger commented, “It’s evil because it undermines the Federal Reserve System.” It’s easy to criticize the fed and central banks in the U.S., but at the end of the day, it is possible that a destabilization of the FRS at the hand of crypto could mean chaos in the markets.
Even as public perception about Bitcoin shifts in the positive direction, Buffet and Munger are unwavering.
To follow their lead – and their intuitive feel – on anything related to investing generally or crypto specifically is probably a wise move.