‘Never Buy It’—Warren Buffett’s Right-Hand Man Issued A Stark Crypto Warning After Terra Luna-Led Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Price Crash

and cryptocurrency prices have collapsed in recent weeks, falling sharply in a crash partly triggered by the implosion of the terra stablecoin and its support coin luna.

Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigate the volatile bitcoin and crypto market

The bitcoin price has crashed under $20,000 per bitcoin, down from almost $70,000 late last year, and dragging down other top ten cryptocurrencies, including ethereum, BNB
, cardano, solana and dogecoin.

Now, Warren Buffett’s right-hand man Charlie Munger has warned people to “never buy” bitcoin or other cryptocurrencies—branding those in the crypto industry “either delusional or evil.”

Want to stay ahead of the market and understand the latest crypto news? Sign up now for the free CryptoCodexA daily newsletter for traders, investors and the crypto-curious

MORE FROM FORBES‘A Massive Opportunity’-When The $2 Trillion Bitcoin, Ethereum And Crypto Price Crash Could End

“Crypto is an investment in nothing,” Munger, the vice-chairman of Buffett’s Berkshire Hathaway
, told the Australian Financial Review. “I regard it as almost insane to buy this stuff or to trade in it.”

Both Munger and Buffett have previously railed against bitcoin and cryptocurrencies, comparing the crypto market to a casino.

“I think anybody that sells this stuff is either delusional or evil,” Munger said, adding: “I’m not interested in undermining the national currencies of the world.”

The price of bitcoin, ethereum and other major cryptocurrencies have plunged in recent weeks, wiping more than $2 trillion from the combined crypto market and sparking a wave of bankruptcies, mass layoffs and the collapse of some projects, such as the terra stablecoin and its support coin luna.

Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious

MORE FROM FORBESNo ‘Bottom’ Yet-Rockefeller Chairman Issues Worrying Crypto Price Prediction As Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Crash Back

At Berkshire Hathaway’s annual shareholder in April, Buffett explained his long dislike of bitcoin, attributing it to bitcoin not producing anything tangible—unlike companies or property. His comments led to Tesla
billionaire Elon Musk mocking the legendary investor on Twitter.

Buffett has previously called bitcoin a “delusion” and “rat poison squared.”

Be the first to comment

Leave a Reply

Your email address will not be published.