Many older financiers are critical of bitcoin.
Suffice it to recall Peter Schiff, who on Twitter periodically tries to present cryptocurrency from the worst side. He also urges investors to stop buying BTC and switch to gold, which he believes is the safest asset.
Billionaire Charlie Munger, 97, also voiced his negative feelings about Bitcoin this week.
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Speaking at the Daily Journal's 2021 event, the financier stressed that BTC can never be a good exchange tool. It is too volatile, so investors are better off not buying it.
Munger admitted that cryptocurrency is trying to become a kind of replacement for gold. However, this tool still does not deserve to be called a safe-haven asset.
The billionaire, who also serves as vice president of Berkshire Hathaway, shares the views of his boss Warren Buffett. Both of them have repeatedly criticized Bitcoin in the past. Munger even called crypto trading a "shit trade," while Buffett claimed that BTC was "rat poison."