"Bitcoin Can Never Replace Currency"
"Tesla's Market Cap Is Also Too High... Investment Frenzy Phenomenon"
[Asia Economy Reporter Kim Suhwan] Charlie Munger, vice chairman of Berkshire Hathaway and known as Warren Buffett's only business partner and longtime friend, criticized the American electric vehicle company Tesla and Bitcoin for being excessively overvalued.
On the 24th (local time), in an interview with CNBC, Vice Chairman Munger said, "The price surge of Tesla and Bitcoin is an excessive investment frenzy," adding, "It is difficult to answer which of Tesla or Bitcoin is less worthy of investment. It is like trying to prioritize between a flea and moss," belittling both. He indirectly criticized their overvaluation by quoting 18th-century British writer Samuel Johnson.
He continued with harsh criticism particularly toward Bitcoin. He stated, "Bitcoin is an extremely volatile and very unstable asset to be used as a means of transaction," and emphasized, "If I were to compare, it could be seen as an investment comparable to the safe asset gold, but since I do not invest in gold, I will not invest in Bitcoin either."
Furthermore, Vice Chairman Munger expressed concern about individual investors being swept up excessively in the recent investment craze, pointing out, "Beginner investors are being lured into the bubble through free stock trading apps like Robinhood." Robinhood is a U.S. stock investment app created in 2013, which recently became a global issue due to the GameStop stock price surge.
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