Warren Buffett’s prescient crypto warning has resurfaced amid the market mayhem
Video showing Warren Buffett and Charlie Munger trading crypto after cryptocurrency crash and burn due to FTX-induced crisis spread rapidly on social media.
In a video clip that dates back to 2018, Buffett says that crypto attracts a lot of charlatans who take advantage of those people “who are trying to get rich because their neighbor’s getting rich.” Back then, he said that crypto would come to a bad ending.
Munger, Buffett’s right-hand man, described cryptocurrencies as “disgusting.”
“Turns out the old guys actually know what they’re talking about… who knew,” economist Stephen Geiger commented.
Long time crypto critics finally seem to be right 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.Today, he famously said that crypto was “rat poison squared” back in May 2018, riling up the cryptocurrency community.
Earlier this year, Buffett Told that he would not pay as little as $25 to buy all existing bitcoins in circulation. He added that crypto stood no chance against the US dollar. Meanwhile, Munger predicted that the price of bitcoin would drop to zero.
