It Doesn't Matter What Charlie Munger or Warren Buffett Say...

Charlie Munger and Warren Buffet will never give their stamp of approval on crypto nor tell any of their followers to invest in it. If for some reason you are hoping and praying that they ever would, I wouldn't hold your breathe since.... well you would die. Lets just think about it for a minute, why would they ever endorse it?

Brief synopsis of who they are if you live under a rock, Charlie Munger is an American billionaire investor, businessman, and former real estate attorney. He is vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett; Buffett has described Munger as his closest partner and right-hand man. Berkshire Hathaway Inc. is an American multinational holding company that's main business and source of capital is subsidiaries, equity positions and other securities.

Years ago Buffet, on behalf of Berkshire said that “If you can just stay away from following the fads (crypto), and really making a lot of bad loans, banking has been a remarkably good business in this country and needs to continue moving forward.” And why would he say anything different? Crypto is a threat to Big Banks and bank industries are a foundation of if the Berkshire portfolio. Bank of American alone is over 11% of their holdings. Not only banks, but factor in Credit Cards as well, that adds up to almost 10% as well. That is almost of ¼ of their holdings tied to banking and money payment services... Why would they ever want to threaten that?

Here are some quotes from Charlie just yesterday:

"I am not proud of my country for allowing this crap, well, I call it crypto shit. It's worthless, it's crazy, it's not good, it'll do nothing but harm, it's antisocial to allow it." or "I think the people that oppose my position are idiots," and lastly "I don’t think there is a rational argument against my position."

Are we really surprised?

To summarize, they will never approve and that is ok. Crypto is a foundational revolution when it comes to banking and money movement and that threatens a lot of established, powerful companies and people, that will do whatever they can do suppress it.