Berkshire's Munger doubles-down on crypto criticism

CNBC's Becky Quick joins 'Squawk on the Street' to discuss crypto skepticism with Berkshire's Charlie Munger, with new concerns fueled by the FTX collapse. For access to live and exclusive video from CNBC subscribe to CNBC PRO: cnb.cx/2NGeIvi
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[@Indomitablespirit108]

Sanity from our elders! How refreshing, Thank You!

[@Kennan_Davis]

@@Etaoinshrdlu69 sure, keeping buying a worthless digital coin with no intrinsic value. Eventually your holdings will be worth ZERO

[@drboyce]

This man keeps it 100 at all times. My favorite investor

[@manuelcastel-branco9941]

Impressive how in his lifetime this man served in the US Air force on WW2 and is commenting crypto today so sharply

[@stevenmcdonald]

Mungers 14 months from 100, yet still so sharp.

[@syamkumarkaturi9761]

SELL THEM ALL EQUITY STOCKS WILL FALL LIKE CRYPTO ...SELL THEM AND START NEW STARTUP BUSINESS.....

[@PriestessOfSlaanesh]

Hes just pepeg. Crypto is the future

[@arigutman]

I could not agree more, there is little to NO value behind crypto. PERIOD!

[@bsomers77]

I always felt I was missing out by not owning crypto. This man puts me at ease

[@alexlong3714]

Greed without limit can be dangerous, No ?? Crypto sphere is like Gambling in a Casino !! 🤔🤐

[@ninetimesaday]

Me too, but I don't understand it and I refuse to invest in something I don't fully understand. People say its supposed to replace currency, yet it acts and performs like a stock or something similar. Munger and Buffet being critical is the icing on the cake not to get into it.

[@leswhynin913]

Munger was right all along about crypto

[@SiLoMixMaster]

Lol If Munger had been shorting Bitcoin with decent size starting from 10 years ago then he would have went bankrupt trying to cover the margin calls 🤣🤣

[@jordanslingluff287]

Why would Munger put money on betting? Do you even know anything about him?

[@davidgindi1192]

@@SiLoMixMaster You’re so dumb I’m actually sorry for yoi

[@syamkumarkaturi9761]

SELL THEM ALL EQUITY STOCKS WILL FALL LIKE CRYPTO ...SELL THEM AND START NEW STARTUP BUSINESS.....

[@gotya2006]

@@SiLoMixMaster That's why he doesn't short anything. People can go bankrupt shorting securities.

[@thehouseofcm]

I guess only a man this wise and old can have the guts to criticize crypto, investors, media and where American is at today.

[@alrivas1477]

Great interview. His complete honesty cracked me up too 😂😂😂

[@afterdark6822]

CNBC should talk to their buddy Jim Cramer because he's been pushing these scammers.

[@jdranetz]

I agree with him.

[@syamkumarkaturi9761]

SELL THEM ALL EQUITY STOCKS WILL FALL LIKE CRYPTO ...SELL THEM AND START NEW STARTUP BUSINESS.....

[@fontomfrom]

You gotta love this guy😅! Munger coin!!! Gold

[@Jocky8807]

He praised china for banning the crypto.

[@willybyun1834]

I love this guy munger . LOL

[@chadferreira6799]

Old and crusty lol 😂. But at his age that man has seen lots the good/bad$the ugly greed of mankind

[@syamkumarkaturi9761]

SELL THEM ALL EQUITY STOCKS WILL FALL LIKE CRYPTO ...SELL THEM AND START NEW STARTUP BUSINESS.....

[@tedfisk1211]

Charlie Munger, other than Warren Buffett, is a sole voice of reason. If you listen to enough videos about Charlie, you realize that he is an intellectual and nothing gets by him and he can expound on any subject, drawing in historical references along with current information to prove his points. He is plain spoken about many things, especially crypto and EBITDA. I enjoy listening to his positions.

[@zhouyou28]

I'd actually like to buy some Munger coin

[@Icanchange1200]

Old wisdom wins again

[@igrowfaster]

Why didn't they just buy Bitcoin directly? Why give the $ to an intermediary like FTX ?

[@whoisthisguy1205]

More money more manipulation you can’t manipulate bit coin

[@iTuber012]

It's all garbage. Congrats to those regular people who got rich though

[@AngelPee91]

regular people?

[@jerichocultry7993]

imagine working for blackrock and pumping $200M into FTX without due dilligence. FTX doesnt even have a board or a CFO...smdh bet someone got canned

[@daveinthailand]

I think he is saving for his retirement

[@loficathedral4584]

Yeah and the internet is just a fad

[@draculadracula2414]

If there is bad apple like Bernie Meadow or Enron or FTX?

[@INFINITY-oe4is]

And here we go again! I wonder how many people will buy now or buy later when it goes back up?

[@Santanacarlos1016]

Munger coin 🚀📈🚀📈🚀📈🚀🚀📈🚀🚀🚀🚀

[@chimbuzi1]

Who is getting fired ? "FTX’s list of investors spans powerful and well-known investment firms: NEA, IVP, Iconiq Capital, Third Point Ventures, Tiger Global, Altimeter Capital Management, Lux Capital, Mayfield, Insight Partners, Sequoia Capital, SoftBank, Lightspeed Venture Partners, Ribbit Capital, Temasek Holdings, BlackRock and Thoma Bravo."

[@Emerald214]

Munger coin hahaha. That's the attractive thing of crypto.

[@aaronwilliamson4045]

Have a question for the digital currency fans... If bit coin and its many brothers and sisters is supposed to be the currency to be all and end all , how come it is priced in dollars? And who wants a currency that loses half of its value in a couple months?

[@PriestessOfSlaanesh]

Theyre priced in dollars because the banks and normies want that. Most people who truly believe in bitcoin like me know 1 btc = 1 btc. It existed long before exchanges. BESIDES... who doesnt want a currency who beat the inflation of the next 200 yrs within the last 13 yrs?

[@aaronwilliamson4045]

@Enzo I look... what am i supposed to see? (Not a genius)

[@amane49]

Love Munger ! Tells it like it is and he’s right !!

[@jdranetz]

Wisdom of the ages.

[@PriestessOfSlaanesh]

"we dont need a currency that can be used by kidnappers" .... Like.... Cash? Lmao. That gramps time is over

[@ninetimesaday]

He's made more money that you'll ever make. Dead or alive.

[@zaurenstoates7306]

If you have your crypto parked on a centralized exchanged you're missing the point

[@mayor399999999999999]

Ask him about BABA. His own Brazilian fintech bank invests in cryptocurrency. Smh.

[@draculadracula2414]

Child kidnappers used cash for years what is he talking about?

[@teddymoon3744]

let the greedy lose their $. LOL

[@sungkim742]

It doesn't take a genius investor to recognize crypto is not an investment. It's pure speculation based on the greater fool theory.

[@inglesaocom913]

Becky is my Miss Universe!

[@TheRiiiight]

Crypto investors deserve to lose it all. Blind stupid greed has a price.

[@loficathedral4584]

Yeah, the internet is just a fad too!

[@uberboiz]

@@loficathedral4584 As if crypto is comparable to the internet.

[@loficathedral4584]

@@uberboiz Tell that to Google, they just partnered with Coinbase. I know..I know..Change is scary. It will be okay though. Hugs

[@uberboiz]

@@loficathedral4584 As if big names partnering with crypto platforms guarantees anything. Big global VCs put so much money into FTX, and see where they are now. Changing for the sake of it (even worse, by blindly following others) is scary indeed for rational people who prefer to think for themselves, but obviously it's an exciting thing for irrational people like yourself.

[@loficathedral4584]

@@uberboiz You had to go back and edit your orginal reply. Who's really acting irrational here? Acting on emotions to the point you mispell simple words. Also if you made a better point, you wouldn't have to like your own posts=) Run along now.

[@Dfm_Sushil]

Mr munger. ❤

[@dkcb7]

Yes Munger most alts are crap and high risk but bitcoin isn't. Period.

[@joaquimcevallosmorales8944]

I'd buy a Mungercoin hand over fist..!

[@cezar332]

Important to listen to our successful elders. Every crypto influencer shamed this man

[@decus9544]

I've always been skeptical of crypto, even when my friend who bet on it back in 2011 made a small fortune on it, I've never had anything but skepticism in it. It's not backed by anything, and worse, it is actively at odds with the greatest powers in the world. Do you think the U.S. will happily see crypto destroy the dominance of their currency? Of course not. All it takes is a signature on a piece of paper and the entire thing goes to zero.

[@kunalseth6437]

💯

[@RayMak]

Ouch

[@syamkumarkaturi9761]

SELL THEM ALL EQUITY STOCKS WILL FALL LIKE CRYPTO ...SELL THEM AND START NEW STARTUP BUSINESS.....

[@syamkumarkaturi9761]

Every country should have their own crypto currency.

[@jonc6157]

Super Mario coins are on the run ! hahaha

[@jdranetz]

Fairy Dust. Same as using board game money.

[@tdub18914]

Board game money has intrinsic value. You can still burn it for heat.

[@remanalmersal5968]

Kid nappers would rather take cash.... lol

[@uberboiz]

Wouldn't be surprised if that's true. Who would accept Bitcoin as a method of payment anyway.

[@ednan9]

How he was fun off when was 1st against crypto

[@bmo8898]

Says the guy that wanted to design a dormitory with no windows…..gtfoh

[@Cameron.Robert]

I need Munger's thoughts on WhopperCoin.

[@syamkumarkaturi9761]

SELL THEM ALL EQUITY STOCKS WILL FALL LIKE CRYPTO ...SELL THEM AND START NEW STARTUP BUSINESS.....

[@barcley01]

IMO - Society evolves and will decide what's good for society. If Mr. Munger were 80 years younger he would see things differently. Not the best person to interview or listen to on this subject.

[@tachat1417]

Well , maybe if he was 80 years younger, he would be stupid gullible and naive , like majority of young people nowadays. But he isn’t.

[@aaronwilliamson4045]

He was 80 years younger at one time and did quite well for himself. I like his comment some time ago that trading bit coins was like trading turds.

[@orb7746]

I know what's going on. They're literally smashing crypto they don't want the "poor" investing

[@jonathanzach3727]

just bc of 1 bad apple (FTX) doesn't mean the whole crypto industry is bad. Crypto is an amazing space & will continue to grow just like internet adoption in the early 90s (were still early)

[@jordanslingluff287]

What does Crypto do? What does Crypto make? If it doesn't make dollars, it doesn't make sense. Crypto makes no money so why the hell would you put money into it. I mean putting thousands of dollars in an unsecured account out in the Cayman Islands hoping to make it rich off something that does nothing was always a stupid idea.

[@davidgindi1192]

@@jordanslingluff287 agreed

[@lonyo5377]

One bad apple. Two bad apples, Voyager. Three Arrows bad apples. 4 Kwon apples. Etc etc. How many bad apples are there? One..? In what world.

[@syamkumarkaturi9761]

SELL THEM ALL EQUITY STOCKS WILL FALL LIKE CRYPTO ...SELL THEM AND START NEW STARTUP BUSINESS.....

[@cg5648]

One bad apple 😂 Take your medication 🤡

[@ohahilo3574]

How much did Charlie make on BABA? Oh yeah, he loss more on that one trade than all the crypto kiddies put together … frickin Genius.

[@drdrjr13]

Yes because everyone knows that an investment can only be a good one if it performs well during the first year. Buying the DJIA at 78 during the end of 1931 was clearly a bad idea since it went down to 60 a year later. It is at 33 000+ today FYI. The annual return is (33000/78)^(1/91) = 6,87% If you bought at 60 a year later, the return would be the following. (33000/60)^(1/90) = 7,26% Big difference? No. The conclusion: Short term results doesn’t show the quality of an investment.

[@greg2141]

No due diligence was done.

[@jeffreyrichardson]

devil bills oil twelve mayfields muck tilled soil two one two boil

[@mid-classvssup-rich6080]

$$$ Wall Street Always Over Doing It $$$ When bears in control they're over shorting & bulls over buying when they take over. If you can hold for 5yrs you'll see lots of movement, make lots of money no matter what.

[@syamkumarkaturi9761]

SELL THEM ALL EQUITY STOCKS WILL FALL LIKE CRYPTO ...SELL THEM AND START NEW STARTUP BUSINESS.....

[@draculadracula2414]

Sure smart phones 📱 are garbage too pops internet just waste of time, how much did he lost on betting on China 🇨🇳 (BaBa)

[@matthewnorton5870]

Bitcoin owner or juman trafficker? Same thing.

[@williamfortunate7870]

Man when you get old, you can say anything and people have to show respect because you’re old. I don’t care if we’re selling Christmas Tree ass??? What? ok grandpa…

[@syamkumarkaturi9761]

SELL THEM ALL EQUITY STOCKS WILL FALL LIKE CRYPTO ...SELL THEM AND START NEW STARTUP BUSINESS.....

[@curtisfrierson5596]

"For society, the Internet is wonderful, but for capitalists, it will be a net negative. It will increase efficiency, but lots of things increase efficiency without increasing profits. It is way more likely to make American businesses less profitable than more profitable. This is perfectly obvious, but very little understood." As so IGNORANTLY stated, by that very same Charlie Munger I suggest anyone who are swayed by his OPINIONS on crypto, should Google his EARLY QUOTES about this same INTERNET, that has grown on to make both him and Warren Buffett, so famously WEALTHY 25 years later.... Which the internet in those early days, was also experiencing a very similar 15+ YEAR GROWTH "BUBBLE" as crypto is today...🔥💨🎤🤷🏾‍♂️👍🏿

[@SiLoMixMaster]

It's funny how Munger never wants to talk about Bitcoin when it goes 10x in a bull market 😂

[@matthewnorton5870]

He hates all the bitcoins

[@syamkumarkaturi9761]

SELL THEM ALL EQUITY STOCKS WILL FALL LIKE CRYPTO ...SELL THEM AND START NEW STARTUP BUSINESS.....

[@uberboiz]

He did though, and his view hasn't changed. It's funny how you want to glorify Bitcoin based on its past performance and didn't mention its price has decreased by more than 70% from it's all time high.

[@SiLoMixMaster]

@@uberboiz 🤡

[@uberboiz]

@@SiLoMixMaster yeah, the emoji confirmed my thought of you after reading your first comment.

[@RealBitcoinedu]

The dinosaur spoke! Unfortunately, Bitcoin will long outlive him and Buffet. Can't say the same thing for these sh!*coins

[@RealBitcoinedu]

Unfortunately for him, I should say

[@jackwilkinson3946]

You should drive in a see how long you can hold your breath...

[@royprovins7037]

We didn't pile pallets of crypto into a plane and send it in the middle of the night to Iran Charlie

[@rondrake3720]

Shall we talk about how the US dollar has been used, Big Banks and China….Nope he’s good with all that as he’s made a trip n off the current system

[@basedmushroom]

Sometimes you just need to give up and stop talking.

[@gasohwjchen]

Typical boomer mindset, how can we move forward like this.#bitcoin

[@ikaros21]

He has absolutly no idea about crypto and decentralised finance!

[@swaep114]

* IQSTEL.. 600 % Gains to Nasdaq Up List $ 2 Minimum Price Requirement. 3rd Quarter Financials Mon. 38 % Gains in 2 Days. EVOSS Electric Motorcycles launch in 2022. Operations Now Reaching 19 Countries.

[@monsterpig3270]

Yes, of course kidnappers prefer BTC because you can locate them via the blockchain. Make perfect sense.

[@draculadracula2414]

💯