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- Charlie Munger Said Tesla Would Fail
- Charlie Munger Said Bitcoin Would Fail
- Be Proud If you Ignored Charlie’s Thoughts
A civilization is a complex society that is characterized by urban development, social stratification, a form of government, and symbolic systems of communication.
Charlie Munger (98) Vice Chairman of the Buffett Conglomerate Berkshire Hathaway Inc since 1978 expressed: “I am proud of the fact that I avoided it, it is like a Venereal Disease.”
When talking about cryptocurrencies, he called it “Beneath contempt” “useful in extortions and kidnappings” “tax evasions.”
He also stated that cryptocurrencies should have been banned in the very beginning.
In the past, when talking about Bitcoin, Charlies Munger stated, “Of Course, I hate the Bitcoin Success” also stated, “I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth, nor do I like just shuffling out of your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air.”
John Paulson, president and portfolio manager of U.S. investment firm Paulson & Co said to Bloomberg in an interview “Cryptocurrencies, regardless of where they’re trading today, will eventually prove to be worthless. Once the exuberance wears off, or liquidity dries up, they will go to zero.
While all these are happening Elon Musk recalled all the ways that Billionaire Charlie Munger described “All the ways in which Tesla Would Fail”
Money Control published, “In 2009, when Elon Musk was at a lunch with Charlie Munger, when the latter told everyone in the room that Tesla would fail, a statement which hurt Musk.”
Charlie Munger described “all the ways” in which his electric car company would fail.
However, Elon Musk recollects that he told Munger, “I agreed with all those reasons and that we would probably die, but it was worth trying anyway.”
Community Reaction: I’m proud to have ignored his thoughts on tech and Bitcoin for all these years. It appears his only criticism of Bitcoin can be reduced down to name calling. Kind of interesting when you realize Berkshire has underperformed the simple Nasdaq by 679% since the financial crisis.
Also, Munger today “I think the safe assumption for an investor is that over the next hundred years, the currency is going to zero. That is my working hypothesis.” Pretty incredible how much he sees and understands the problem, yet refuses to accept the solution.
This is just my hunch, but I think Bitcoin will play a large part in Musk’s plans for Mars. The reason I say this is because you are going to need a currency that works off earth, obviously currency is just an efficient form of trade, for wealth produced.
So, what I’m getting at, is you need something, where you don’t have to depend on the government of the earth currency wise, at least not directly. Elon will probably be paying his workers on Mars with some sort of “Digital Currency”.
