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

Zcoin Price Prediction Today: Daily (XZC) Value Forecast – June 20

Zcoin (XZC) Announces Exodus Protocol Launch To Facilitate Smart Crypto Asset Exchange
  • The crypto’s price is facing resistance at the $14 price level.
  • In other words, the XZC market is trading within the 0.236 and 0.382 Fib. retracement level.

XZC/USD Medium-term Trend: Bullish

  • Resistance Levels: $12.0, $13.0 $14.0
  • Support levels: $11.0, $10., $9.0

Yesterday, June 19, the price of Zcoin was in a bullish trend. The crypto’s price is making a series of higher highs and higher lows. The crypto’s price is above the 12-day EMA and the 26-day EMA which suggest that price is likely to rise. The crypto’s price was in an upward move to reach a high of $14 and was resisted. The crypto’s price is facing resistance at the $14 price level.

From the Fibonacci tool, the price of Zcoin is within the continuation zone of Fibonacci retracement level. In other words, the XZC market is trading within the 0.236 and 0.382 Fib. retracement level. The crypto’s price is likely to rise if the bulls defend the continuation zones. Meanwhile, the price of Zcoin is in the overbought region of the daily stochastic but above the 60% range. This indicates that price is in the bullish momentum and a buy signal.

 XZC/USD Short-term Trend: Bullish

On the 1-hour chart, the XZC price was in a bullish trend. The crypto’s price is facing resistance at the $14.50 overhead resistance. Each time the bulls tested the $14.50 price level, they would be resisted. The price would fall either to the 12-day EMA or 26-day EMA.

Today, June 20, the bulls tested the overhead resistance and price fell below the EMAs
Meanwhile, the price of Zcoin is in the oversold region of the daily stochastic but below the 20% range. This indicates that price is in the bearish momentum and a sell signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez Mustapha