Warren Buffett’s prescient crypto warning has resurfaced amid the market chaos
After the cryptocurrency starts to crash and burn due to the FTX induced crisis, a video showing Warren Buffett and Charlie Munger trashing crypto went viral on social media.
In a video clip dating from 2018, Buffett says that crypto attracts a lot of charlatans who take advantage of those people “trying to get rich because their neighbor is getting rich.” At the time, he said that crypto would come to a bad end.
Munger, Buffett’s right-hand man, went on to describe cryptocurrencies as “disgusting.”
“It turns out the guys actually know what they’re talking about … who knew,” said economist Stephen Geiger.
Longtime cryptocurrency critics finally feel vindicated after the rapid collapse of the FTX exchange.
Buffett, one of the most successful crypto investors of all time, has been a particularly vocal crypto critic. As reported by U.Todayhe famously said that crypto was “rat poison squared” in May 2018, which rattled the cryptocurrency community.
Earlier this year, Buffett said that he would not pay as little as $25 to buy all the existing Bitcoins in circulation. He added that crypto has no chance against the US dollar. Meanwhile, Munger went so far as to predict that the price of Bitcoin would eventually go to zero.