Warren Buffett and Charlie Munger Reiterate Harsh Words Against Bitcoin, But it Doesn’t Matter

Warren Buffett and Charlie Munger Reiterate Harsh Words Against Bitcoin, But it Doesn’t Matter

Because as Avichal Garg of Electric Capital puts it, “they were the best investors of the industrial age. But we are now in the software age,” and they are already having a hard time catching up.

Warren Buffett avoided talking about Bitcoin during the recent Q&A session at Berkshire Hathaway’s annual shareholder meeting, saying he doesn’t want to make the herd of longs mad.

However, the “Oracle of Omaha” did agree with Berkshire Vice Chairman and his longtime business partner Charlie Munger’s assessment of the trillion-dollar cryptocurrency.

As for what Munger had to say, which was a lot and not at all positive.

“Of course, I hate the bitcoin success,” said the 97-year-old Munger.

From here, he goes on to point out how Bitcoin is a currency that is useful to kidnappers and extortionists, and he doesn’t welcome such currency, and neither he likes to “just shuffling out of your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air.”

“I think I should say modestly that the whole damn development is disgusting and contrary to the interests of civilization.”

This is no surprise coming from Munger because both he and Buffett have long been criticizing cryptocurrencies. And, of course, the crypto twitter (CT) didn’t like it one bit, to say the least.

While some pointed out how Munger had such harsh words for Bitcoin when the legendary investors themselves were involved with the sugar industry, responsible for obesity and diabetes, others noted that they missed out on the tech stocks as well.

It has only been recently that the duo became bullish on tech stocks and saw valuations of mega-cap as not “crazy” because of incredibly low rates on short-term government debt or Treasuries.

Trader and economist Alex Kruger, saying, “money managers that don’t adapt to technological changes have a hard time outperforming,” which they are currently having.

“They haven’t beaten the market since the market came to be dominated by software. They missed the biggest revolution in business and society since the industrial revolution,” said Avichal Garg of Electric Capital.

“They were the best investors of the industrial age. But we are now in the software age.”

Berkshire, meanwhile, is sitting at a cash pile of more than $145 billion at the end of 2021’s first quarter.

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Author: AnTy

Indian Government Looks to Ban Cryptocurrency Trading With New Law

India is not new when it comes to harsh and unfriendly cryptocurrency laws. Now, Bloomberg reports that the country is set to introduce a new law which will ban cryptocurrency trading within its borders.

Citing anonymous sources, the report states that India’s federal cabinet is set to discuss the bill prior to being sent to the parliament.

The report states that the Indian government will continue encouraging and supporting the growth of blockchain technology but will discourage crypto trading.

In 2018, Indian central bank instituted a ban on all crypto transactions following numerous cases of frauds prior to the sudden decision to ban about 80% of the country’s currency by Prime Minister Narendra Modi. However, the decision was rescinded in March this year after a successful filing of a suit in the Supreme Court by various crypto-based firms operating in the country.

The lifting of the ban saw almost a 450% increase in crypto trading in just two months from March. Paxful, a Bitcoin marketplace, registered a staggering 883% growth from January to May this year representing a growth from $2.2 million to about $22.1 million in revenues. Similarly, India’s largest crypto exchange WazirX registered a growth of 400% and 270% in March and April respectively.

The renewed effort to ban crypto trading comes at a time when the Indian Parliament has reopened following a prolonged break due to COVID-19 pandemic. The bill is likely to be introduced to parliament in this monsoon session which kicked off yesterday and is set to affect over 1.7 million Indians who actively trade in digital assets as well as institutions coming up with platforms to ease crypto trading.

Today’s report appears to be in tandem with June’s news where the nation’s finance ministry was reportedly urging for inter-ministerial consultations on how to ban crypto.

In the recent past, India’s federal government has been exploring possible ways of using blockchain technology to enhance service delivery in different sectors like management of land records, enhancement of pharmaceutical drugs supply chains, management of educational certificates, among others but remains adamant against crypto trading.

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Author: Joseph Kibe