Charlie Munger, the late vice chairman of Berkshire Hathaway Inc. (NYSE:BRK) (NYSE:BRK), was known for his candid skepticism of cryptocurrencies during his tenure. He famously advised investors to avoid adding Bitcoin (CRYPTO: BTC) to their retirement accounts.

Munger’s Stance On Cryptocurrency

During the 2022 Berkshire Hathaway annual shareholder meeting, Munger emphatically stated, “When you have your own retirement account and your friendly adviser suggests you put all the money into Bitcoin, just say no.” His sentiment reflected a broader disdain for cryptocurrencies, a stance shared by his longtime business partner, Berkshire CEO Warren Buffett.

Buffett, famously dubbed Bitcoin “rat poison,” and has also expressed wariness about new forms of money. He emphasized the stability of traditional cash despite inflation concerns, remarking that while inflation reduces the purchasing power of a $20 bill, new digital forms of money should not be trusted.

A Transition Without Munger

The 2024 Berkshire Hathaway shareholder meeting was notably the first without Munger, who passed away in November 2023 at 99. His sharp wit and investment wisdom left a lasting impact on the company and its investors. Buffett and Munger’s critical view of Bitcoin contrasts the growing institutional interest in cryptocurrency, evidenced by the SEC’s approval of Bitcoin ETFs.

What This Could Mean

In light of these ongoing debates about the legitimacy and future of digital currencies, events like Benzinga’s Future of Digital Assets are crucial. Scheduled for Nov. 19 in NYC, this event promises to be a major gathering for digital asset companies and institutional investors.

As the financial world continues to evolve, the legacy of Munger’s cautious approach to Bitcoin serves as a reminder of the diverse perspectives within the investment community. The Benzinga Future of Digital Assets event will be crucial for addressing these perspectives, fostering dialogue, and exploring the future of money.

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