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Concerns about Bitcoin’s rapid rise
Dan Morehead, founder of Pantera Capital, a major U.S. cryptocurrency VC, said that Charlie Munger, vice chairman of Berkshire Hathaway, made a recent comment about Bitcoin that was so off the mark that he laughed out loud. was harshly criticized.
Munger, who is said to be the ally and brain behind legendary investor Warren Buffett, is known for repeatedly making harsh comments about Bitcoin, such as calling it “nothing more than an illusion.”
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In an interview with the US Wall Street Journal (reported on November 3), when asked if he was concerned about the recent surge in Bitcoin prices, Munger answered, “Of course,” and claimed as follows: .
The only way to get from hunting and gathering to civilization is to have a strong currency. It can be shells, corn kernels, or any number of other things. It could be gold coins, or even conventions from banking systems like those in the US and UK.
Trying to create an artificial currency is like throwing a stinky ball into a recipe that has worked well for many people for a long time.
Mr. Morehead responded to Mr. Munger’s remarks in his monthly investment review on the 15th, saying, “Honestly, this is a big laugh. What the heck are these guys?” He quoted Marc Andreessen (co-founder of U.S. venture capital firm Andreessen Horowitz) as saying, “White men are disrespecting new technology.”
By the way, Munger is 99 years old and still active.
Corn vs Bitcoin
Munger pointed out graphically that corn kernels, which he used as an example of currency, have experienced staggering inflation over the past 70 years, losing 83% of their value.
Does Munger want to store his wealth in a currency that is “inherently depreciating in value” or in a currency that has appreciated 117% per year on average over 2014? He made fun of Sa.
nationally issued currency
Morehead said Munger was incorrect in claiming that state-issued currencies “have been around for a long time and have worked well for many people.” Inflation in the U.S. dollar “may be good for a few wealthy people like Mr. Munger, but it is not, and has not been, good for the vast majority of people.”
The basis for this is Venezuela’s bolivar, whose government-issued currency has experienced staggering inflation, with an inflation rate of 1,198%, Zimbabwe, which has issued $1 trillion banknotes, and Argentina, which has defaulted seven times. We took the example of
“There are billions of people using defunct government-issued currencies, but we believe the vast majority of people on the planet can live a better life with Bitcoin,” Morehead said. claims.
Bitcoin, which is unpatented, is a “gift” to the billions of people whose lives have been severely affected by dysfunctional government-issued currencies, Morehead said. And he doesn’t understand why an “old-fashioned reactionary” like Mr. Munger can’t appreciate that fact, he criticizes.
nation and money
Morehead said he believes the U.S. has made “serious mistakes” in monetary and fiscal policy, but that no one has ever asked him to vote for them. On the other hand, he claims that by leveraging blockchain assets to store and grow his savings, he will be able to “vote with his wallet.”
Blockchain is the separation of money and state. Each of us can adopt it with our own wallet. If you don’t like the inflation policy of one currency, you can switch to another.
The post Founder of Pantera Capital: “Berkshire Hathaway vice chairman’s criticism of Bitcoin is laughable” appeared first on Our Bitcoin News.
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