Buffett's 5 Major Misses on Bitcoin.
First Time 2013:
As early as 2013, Munger believed Bitcoin was "rat poison." At that time, the price of Bitcoin was $150, and five years later, it skyrocketed to $9,000. He then proclaimed, "So it's even more expensive rat poison." Buffett said Munger was right.
Second Time 2017:
Buffett stated in an interview with CNBC that Bitcoin is more toxic than rat poison. Subsequently, Munger's attitude became even more aggressive, saying, "I might dislike cryptocurrency even more than Buffett. To me, it's just brain damage; it feels like others are trading in dung, and I don't want to get left behind." Buffett said Munger was right.
Third Time Around 2021:
He expressed a hope that cryptocurrencies had never been invented. In May 2021, Munger stated that Bitcoin's exchange rate was excessively favorable to predators and scammers, causing harm to civilization. He later hinted that investors' "correct course of action has been completely ignored by society (cryptocurrency), never touch it. Never buy it." Buffett said Munger was right.
Fourth Time Before the 2023 Global Financial Crisis:
Buffett had a negative attitude toward this cryptocurrency, believing it was just a token for gambling, with no intrinsic value, yet people still flocked to it; the desire to make quick money is inherent in human nature.
Fifth Time 2024:
Despite a shift in public opinion about cryptocurrencies, Buffett still would not buy it.
"I don't know whether it will go up or down in the next year, or in 5 or 10 years. But one thing I am sure of is that it will not produce anything," Buffett said. "It has a certain magic; people have given magic to a lot of things."
Finally, share a potential dog named Conan, which is very likely to run out this round. This is the only dogecoin concept associated with Trump, and Trump personally awarded Conan the Hero Dog Medal, calling it "the strongest dog on the planet."
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