Warren Buffett’s prescient crypto warning resurfaced amid market chaos
After the cryptocurrency started crashing and burning due to the FTX-induced crisis, a video that shows Warren Buffett and Charlie Munger trashing the crypto gone viral on social networks.
In a video clip dating back to 2018, Buffett says crypto attracts a lot of quacks who take advantage of these people “trying to get rich because their neighbor is getting rich.” At the time, he said crypto would end badly.
Munger, Buffett’s right-hand man, went on to describe cryptocurrencies as “disgusting.”
“It turns out the ancients really know what they’re talking about…who knew,” commented economist Stephen Geiger.
Long-time critics of the cryptocurrency 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 declared the crypto to be “squared rat poison” in May 2018, angering the cryptocurrency community.
Earlier this year, Buffett said that he wouldn’t pay as little as $25 to buy all the existing Bitcoins in circulation. He added that the crypto has no chance against the US dollar. Meanwhile, Munger went so far as to predict that Bitcoin price would eventually drop to zero.