MUMBAI: Legendary investor Charlie Munger of Berkshire Hathaway is not happy with the achievement of cryptocurrencies like Bitcoin and Ethereum, as he sees them as “contradictory to the evolution of civilisation. ”Cryptocurrency resources like Bitcoin and Ethereum are currently worth over $2 trillion within just 12 decades of the arrival. Bitcoin alone today has a market capitalisation of little less than $1 trillion and is currently trading around $58,000 from less than $5,000 over annually ago.Cryptocurrencies, often compared with the Internet in its first era, has enjoyed greater acceptance and achievement over the last year. Corporate America has embraced cryptocurrency with firms including Microsystem and Tesla turning a part of the money holdings into Bitcoin.Companies like MasterCard, Square, PayPal and many others have started to accept cryptocurrencies like Bitcoin as payments allowing broader acceptance.On Wall Street, investment companies are scurrying to make Bitcoin available to their customers to invest in businesses such Vanguard, Blackstone and many others rallying behind the cryptocurrency. JP Morgan & Chase recently urged its wealthy customers to have a vulnerability to Bitcoin in their portfolio.Munger, who had been speaking at the yearly meeting of Berkshire Hathaway, said he hates the achievement of Bitcoin. “I don’t welcome a currency, which is so helpful for kidnappers,” Munger said.Warren Buffett, Munger’s partner for more than 60 decades, ducked the question by using a line a former governor of Nebraska was used to say“I am okay on that one. ”One of the most prosperous investors of the last century, Buffett has previously stated that cryptocurrencies have “without any value” & “don’t create anything”.
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