{"id":189125,"date":"2021-02-25T16:03:21","date_gmt":"2021-02-25T13:03:21","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-will-not-become-a-global-medium-of-exchange-says-charlie-munger\/"},"modified":"2021-02-25T16:03:21","modified_gmt":"2021-02-25T13:03:21","slug":"bitcoin-will-not-become-a-global-medium-of-exchange-says-charlie-munger","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-will-not-become-a-global-medium-of-exchange-says-charlie-munger\/","title":{"rendered":"# Bitcoin will not become a global medium of exchange, says Charlie Munger"},"content":{"rendered":"<p>&#8220;<strong># Bitcoin will not become a global medium of exchange, says Charlie Munger <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvMWQwN2JiZmUtNGRiMC00OGUxLWE5YjUtMThlMzRlNTAwODZjLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>Like Berkshire Hathaway chairman Warren Buffett, 97-year-old Charlie Munger is a known critic of Bitcoin (BTC).<\/p>\n<p>Addressing the 2021 Daily Journal annual meeting with shareholders organized by Yahoo Finance on Wednesday, Munger again <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=Pp4CvjNw-9Y\">espoused<\/a> some negative sentiments about the largest cryptocurrency by market capitalization.<\/p>\n<p>Fielding questions from shareholders concerning Bitcoin, Munger stated:<\/p>\n<blockquote><p>\u201cI don\u2019t think Bitcoin is going to end up [being] a medium exchange for the world. It\u2019s too volatile to serve well as a medium of exchange.\u201d<\/p><\/blockquote>\n<p><iframe loading=\"lazy\" title=\"Charlie Munger, Vice Chairman of Berkshire Hathaway, speaks at the Daily Journal Annual Meeting\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/Pp4CvjNw-9Y?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>Compared with Munger\u2019s previous comments about Bitcoin, his remarks during the meeting <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared watered down. Indeed, Munger once said that Bitcoin investors were celebrating the life and work of Judas Iscariot.<\/p>\n<p>During the 2018 edition of the Daily Journal annual meeting, Munger characterized cryptocurrencies as \u201ctotally asinine\u201d and called professional crypto traders \u201cdisgusting.\u201d<\/p>\n<p>At Berkshire Hathaway\u2019s annual meeting in 2018, Munger likened the crypto market to \u201ctrading turds.\u201d At that same event, Buffett would render his infamous \u201crat poison-squared remark\u201d about Bitcoin.<\/p>\n<p>With development work on scaling solutions like Lightning Network and sidechains still in progress, the jury is still out on whether BTC will ever function efficiently as a medium of exchange.<\/p>\n<p>However, the case of Bitcoin as a store of value appears significantly stronger, despite assertions to the contrary by critics like Nouriel Roubini and gold bug Peter Schiff. Munger also touched on BTC being like gold on Wednesday, adding:<\/p>\n<blockquote><p>\u201cIt\u2019s really kind of an artificial substitute for gold and since I never buy any gold, I never buy any Bitcoin, and I recommend other people follow my practice.\u201d<\/p><\/blockquote>\n<p>The Berkshire Hathaway vice-chairman did not waste the opportunity to drop an anti-Bitcoin soundbite, quoting Irish poet and playwright Oscar Wilde by comparing BTC to fox hunting. \u201cIt\u2019s like what Oscar Wilde said on fox hunting: the pursuit of the uneatable by the unspeakable,\u201d Munger quipped.<\/p>\n<p>Buffett\u2019s right-hand man also dismissed the idea of the Daily Journal emulating companies like Tesla in adding Bitcoin to its balance sheet. <\/p>\n<p>As part of his comments at the event, Munger also waxed lyrical about mainstream finance saying that \u201ca properly run bank is a great contributor to civilization.\u201d<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-will-not-become-a-global-medium-of-exchange-says-charlie-munger\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin will not become a global medium of exchange, says Charlie Munger &#8221; Like Berkshire Hathaway chairman Warren Buffett, 97-year-old Charlie Munger is a known critic of Bitcoin (BTC). Addressing the 2021 Daily Journal annual meeting with shareholders organized by Yahoo Finance on Wednesday, Munger again espoused some negative sentiments about the largest cryptocurrency&#8230;<\/p>\n","protected":false},"author":1,"featured_media":189126,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvMWQwN2JiZmUtNGRiMC00OGUxLWE5YjUtMThlMzRlNTAwODZjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74863],"class_list":["post-189125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-cryptocurrencies"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/189125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=189125"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/189125\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/189126"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=189125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=189125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=189125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}