Charlie Munger: Professional Investors Who Enter Crypto Market Are “Just Disgusting”, ‘Trading Turds’
Charlie Munger of Berkshire Hathaway does not have the best opinion of investors in the crypto market. See what he told Markets Insider at a crypto investment group kindly invited him to their “happy hour.”
- Charlie Munger says that crypto investors sit around and celebrate Judas Iscariot.
- Bitcoin is trading above $5,600.
The world of traditional finance does not look positively upon the crypto industry, for the most part. There are many financial institutions that are breaking the mold, easing into cryptocurrency with their own coins or by joining a network like Ripple.
Unfortunately, it looks like these investors are almost as criticized as the market itself, as Vice Chairman Charlie Munger of Berkshire Hathaway calls the movement “just disgusting.”
In a new article from Markets Insider, Munger jested that the crypto “happy hour” is filled with investors that “celebrate the life and work of Judas Iscariot.” Munger came to this conclusion after receiving and refusing an invitation to an event that was put on by a crypto investment group, heavily criticizing the asset class as “just dementia.”
Warren Buffett, a man who has frequently insulted Bitcoin as a whole and even called it “rat poison squared,” is an investment partner to Munger, which should indicate the implied opinion of Berkshire Hathaway. Buffett has also said that crypto is likely to see “a bad ending.”
No one can ignore the fact that Bitcoin has fallen significantly from the high of December 2017 at $19,843. However, this year, the coin is predominantly been on an upward trend, priced at $5,668.07 per BTC, seeing a drop of 1.78% in the last 24 hours.