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DeFi and Credit Risk
"I have no idea if it will rise or fall in the next year, five years, or ten years." According to CNBC, Buffett stated of cryptocurrencies, "The one thing I'm very convinced of is that it doesn't generate anything." "It has a magical quality to it, and people have ascribed magical qualities to a variety of things."
He further chastised bitcoin's passive character, claiming that if he invests in apartments, he will receive rent, and if he invests in farming, he will receive crops.
"I wouldn't accept it if you told me you owned all of the bitcoin in the world and offered it to me for $25 because what would I do with it?" According to CNBC, he stated. "In any case, I'd have to sell it back to you. It's not going to make a difference."
"In my life, I try to avoid things that are dumb and nasty and make me seem terrible... and bitcoin accomplishes all three," Munger said.
"First and foremost, it's idiotic since it's still likely to fall to zero," says the author "he said "It's bad because it weakens the Federal Reserve System... and it makes us appear silly in comparison to China's Communist leader. He was astute enough to prohibit the use of bitcoin in China."
According to CNBC, Warren Buffett has previously referred to cryptocurrency as "rat poison squared." According to CNN, Munger stated it was similar to a "venereal sickness" earlier this year.
