After the cryptocurrency market began to plummet due to the crisis caused by the cryptocurrency exchange FTX, a video clip showing Warren Buffett and Charlie Munger criticizing the cryptocurrency market went viral on social media.
In a video dating back to 2018, Buffett said:
Cryptocurrency attracts a lot of charlatans who take advantage of these people who are trying to get rich because their neighbor got rich.
At the time, Buffett stated that cryptocurrencies would come to a bad end.
Buffett's right-hand man, Munger, continued to describe cryptocurrencies as disgusting.
Economist Stephen Geiger commented:
Turns out seniors really know what they're talking about...
Finally, long-time crypto critics feel they have disowned the crypto market and are gloating over the market, especially after the rapid collapse of the FTX platform.
Buffett, one of the most successful investors of all time, has been an outspoken critic of cryptocurrency, having previously criticized cryptocurrency Bitcoin as “rat poison” in May 2018, angering the crypto community.
Earlier this year, Buffett said he would not pay less than $25 to purchase all of the current bitcoins in circulation.
He added that cryptocurrencies stand no chance against the dollar.
Coinciding with Buffett's comments, Munger stated that the price of Bitcoin will end up at zero.
