The majority of investments in digital assets will be completely devalued, said Berkshire Hathaway vice chairman Charles Munger during an online Zoomtopia conference. Fortune reports.
“Don’t make me start talking about Bitcoin. That’s the stupidest investment I’ve ever seen,” fumed the 99-year-old Munger.
The entrepreneur is a staunch opponent of cryptocurrencies and blockchain technologies. In 2021 Munger compared Tesla and Bitcoin to ‘lice and fleas’, and questioned the ability of digital gold to “become a global means of payment”.
In 2022 he described cryptocurrencies as ‘an investment in nothing’ and praised China for their ban.
During a recent meeting with Warren Buffett’s business partner, he also spoke about his attitude toward artificial intelligence. In his view, the technology ‘has sparked a buzz, but probably more hype than it deserves’.
He noted that AI has actually existed for quite a long time — its roots go back to the 1950s.
“We have always had artificial intelligence. It’s when software creates even more software,” stressed the vice chairman of Berkshire Hathaway.
Earlier in an interview with CNBC Munger acknowledged the high importance of breakthroughs in artificial intelligence. However, he added that he is skeptical of the ‘hype’ around the technology.
Earlier in February 2022, the Berkshire Hathaway vice chairman criticized U.S. authorities for failing to ban cryptocurrencies and called ‘idiots’ all who disagree with his position.