Crypto News: Charlie Munger (99-year-old Berkshire Hathaway vice chairman and long-time friend to Warren Buffett) has been a vocal critic of Bitcoin (BTC), which is the first cryptocurrency powered entirely by blockchain. Many industry veterans have recently endorsed the flagship cryptocurrency and criticized Munger, Buffet and others for their misinformed opposition to the crypto sector.
Charlie Munger’s Anti-Bitcoin Stance
CNBC’s top anchor Joe Kernen challenged Charlie Munger’s latest attack on Bitcoin. The presenter mocked the opinion of the billionaire while also pointing to his lack of knowledge on the subject. This is after Munger appeared on CNBC’s Squawk Box Wednesday, where Rebecca Quick asked him about his position on cryptocurrency and urged him support the arguments against it. After some delay, Munger decided not to comply.

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Munger also stated that:
He said that he didn’t believe there were any good arguments against his position. “I believe that those who oppose my position are stupid.
Bitcoin was previously referred to as “rat poison” and “gambling contract”, but Wednesday’s interview gave Bitcoin another adjective. Charlie Munger renamed the digital asset “crypto shit” He said, “Sometimes it’s crypto crappo, sometimes it’s crypto shit,” while adding that he thought it was “ridiculous” that anyone would buy this stuff.
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Joe Kernen’s Scathing Remark
Joe Kernen stated that Munger’s comments were fundamentally “pedestrian” in their approach to cryptography. This is something he had heard from people for the past 20 years. Kernen stated that he doesn’t believe Munger has read the Bitcoin Standard or any other book.

Read more: Check out the Top 10 DeFi Loan Platforms of 2023
Saifedean ammous’s Bitcoin Standard examines the history of money around the globe and argues that Bitcoin will be the preferred currency. Instead of requiring that a country be the issuer of money, it depicts money as something that emerges spontaneously on the free market.
Bitcoin’s growing acceptance
On the other side, cryptocurrencies’ advocates, such as Michael Saylor, Mark Cuban and Michael Novogratz, claim that digital assets have advantages over traditional financial institutions in terms privacy, security and faster transaction speeds.

Munger’s statements made headlines on major crypto news portals. This comes at a time where investors in cryptocurrencies face a flood of challenges in the coming months. The crypto market lost nearly $2 trillion last year while Bitcoin’s value dropped by more that 60% in 2022.
The current price of Bitcoin (BTC), which is currently trading at $24,087, represents a decrease in value of 2% over 24 hours, and a decline in value of 9.7% over seven days.
Also read: Will this recent development push Hedera (HBAR-) price past $1?

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