While I wouldn't dare argue against the fact bitcoin does have quite a lot of benefits over gold,just like OP mentioned, it would be illogical and unfair on our part not to realise that gold does have its own value.
While I also understand that these old folks are actually missing out by not getting on the train of bitcoin, let's not forget the fact that they actually got their wealth without bitcoin.
They invested in gold, stock and real estate and they made their fortune. I believe we should not beat ourselves up on this. If bitcoin works well for you, do it.
Topic: Charlie Munger: "Bitcoin is an artificial substitute for Gold" - page 2. (Read 341 times)
Actually if Bitcoin has a robust self-sustaining economy, participants/users wouldn't worry too much about what Business men who are used to the traditional financial systems have to say.
Though I agree that the volatility aspect needs to be checked to make it a good medium of exchange and not just store of value
Though I agree that the volatility aspect needs to be checked to make it a good medium of exchange and not just store of value
Charlie Munger did say that Bitcoin is like artificial substitute for Gold, but he also said in this interview that he never purchased any Gold and he is not recommending anyone to do it, and same thing applies for Bitcoin.
We couldn't expect anything more from 97 year old man and Warren Buffett partner, who thinks that central banks and fiat money is best invention in human history.
Worth mentioning that he also hates Tesla and he is not sure what is worse for him Bitcoin or Tesla stock, he said that professional investors who enters crypto market are disgusting, and his partner Warren Buffett said that Bitcoin is rat poison.
We couldn't expect anything more from 97 year old man and Warren Buffett partner, who thinks that central banks and fiat money is best invention in human history.
Worth mentioning that he also hates Tesla and he is not sure what is worse for him Bitcoin or Tesla stock, he said that professional investors who enters crypto market are disgusting, and his partner Warren Buffett said that Bitcoin is rat poison.
I don't know how there are so many people in this thread who resent the comparison to gold. Saylor himself says that Bitcoin is gold 2.0. Bitcoin is to gold what email is to mail.
What it does seem is that he says it in a slightly derogatory way, but you have to think that he doesn't need the Bitcon to get rich, and that he is at the end of his life already.
What it does seem is that he says it in a slightly derogatory way, but you have to think that he doesn't need the Bitcon to get rich, and that he is at the end of his life already.
Yeah he is quite old and probably has no big stake in bitcoins. But still at his age to be involved with cryptos is remarkable. Comparing email and mail to bitcoin and gold is great. Sending mail is a logistical nightmare, the same goes dir storing physical gold. Having an online based alternative is just the way to go. Which doesn't mean that gold is going to disappear. In today's world we need Mail and Email, like we need gold and bitcoins.
I don't know how there are so many people in this thread who resent the comparison to gold. Saylor himself says that Bitcoin is gold 2.0. Bitcoin is to gold what email is to mail.
What it does seem is that he says it in a slightly derogatory way, but you have to think that he doesn't need the Bitcon to get rich, and that he is at the end of his life already.
What it does seem is that he says it in a slightly derogatory way, but you have to think that he doesn't need the Bitcon to get rich, and that he is at the end of his life already.
It's always compared to gold years ago and the first one was digital gold or new gold in this age. And for those old successful investors, they really won't be able to catch up with the tech stocks because they're living traditionally and don't understand what's in it.
I guess after just a few years from now, with all of those negative statements from these popular and successful investors who have said negatively about bitcoin, they'll change.
Exactly, they are just putting in action what they are saying, don't invest in something that you don't understand, honestly, we don't really need to hear their opinions about bitcoin because it is going to be the same old thing that they are going to say and I don't think that they will change that and if you are following them then you should probably stop investing because you don't think for yourself and you always seek other's validation.I guess after just a few years from now, with all of those negative statements from these popular and successful investors who have said negatively about bitcoin, they'll change.
Also, they are public people who'll have media to cover their words everywhere they go at any time.
That's plain silly. The media reports what they say because it's newsworthy because of who the are and what they've done. Their opinions aren't nonsense because you disagree with them. I don't know why this community gets themselves so worked up over Buffet and Munger not being fans of bitcoin. Y'all gotta let it go, it doesn't even matter.
I don't like when people compare Bitcoin to gold or call it digital gold. Both assets are to different to be competitors or substitutions.
It's always compared to gold years ago and the first one was digital gold or new gold in this age. And for those old successful investors, they really won't be able to catch up with the tech stocks because they're living traditionally and don't understand what's in it.
I guess after just a few years from now, with all of those negative statements from these popular and successful investors who have said negatively about bitcoin, they'll change.
Exactly, they are just putting in action what they are saying, don't invest in something that you don't understand, honestly, we don't really need to hear their opinions about bitcoin because it is going to be the same old thing that they are going to say and I don't think that they will change that and if you are following them then you should probably stop investing because you don't think for yourself and you always seek other's validation.I guess after just a few years from now, with all of those negative statements from these popular and successful investors who have said negatively about bitcoin, they'll change.
Also, they are public people who'll have media to cover their words everywhere they go at any time.
That's plain silly. The media reports what they say because it's newsworthy because of who the are and what they've done. Their opinions aren't nonsense because you disagree with them. I don't know why this community gets themselves so worked up over Buffet and Munger not being fans of bitcoin. Y'all gotta let it go, it doesn't even matter.
It's always compared to gold years ago and the first one was digital gold or new gold in this age. And for those old successful investors, they really won't be able to catch up with the tech stocks because they're living traditionally and don't understand what's in it.
I guess after just a few years from now, with all of those negative statements from these popular and successful investors who have said negatively about bitcoin, they'll change.
Exactly, they are just putting in action what they are saying, don't invest in something that you don't understand, honestly, we don't really need to hear their opinions about bitcoin because it is going to be the same old thing that they are going to say and I don't think that they will change that and if you are following them then you should probably stop investing because you don't think for yourself and you always seek other's validation.I guess after just a few years from now, with all of those negative statements from these popular and successful investors who have said negatively about bitcoin, they'll change.
Also, they are public people who'll have media to cover their words everywhere they go at any time.
They haven't missed the boat because they were never going to get on the boat. They don't invest in assets that don't produce income like gold and bitcoin, they've never been interested in that and it's never been part of their investment universe. They invest in companies that generate cashflow and profit, because that's what they know how to value.
Very right. They have their own perspectives when it comes to business. And also, they are already old to change their stance on what they believe in. They already lived their life in full, nothing much to regret, I guess. Whether they jump on board in bitcoin or not, they are still rich in their own ways. Just leave this to the new generation. They already done their part in this world. They know what they are doing, why they reached their status in life. So who are we to question their way of doing business?
The clip over at Youtube: https://www.youtube.com/watch?v=2Zh_9cBQSYU
While I have great respect for Charlie Munger and Warren Buffett, it feels like they have missed the boat on Bitcoin - leaving a lot of money on the table as it were. They have famously avoided tech stocks until investing in Apple relatively late and it seems they have gotten increasingly risk adverse in their old age. Personally I think that Bitcoin is an artificial substitute for gold and that is actually a good thing. Having some gold coins myself during Covid, I have sold them face-to-face in the past but most businesses were closed during this time and it simply doesn't feel safe sending such high value items through the post - Bitcoin does not face such a problem. Of course Gold has practical physical world uses as well, but the majority is kept in the form of jewelry or investment grade forms. I find it funny that Charlie seems to have mellowed a bit on it, I'm sure he has labelled it evil in the past..
While I have great respect for Charlie Munger and Warren Buffett, it feels like they have missed the boat on Bitcoin - leaving a lot of money on the table as it were. They have famously avoided tech stocks until investing in Apple relatively late and it seems they have gotten increasingly risk adverse in their old age. Personally I think that Bitcoin is an artificial substitute for gold and that is actually a good thing. Having some gold coins myself during Covid, I have sold them face-to-face in the past but most businesses were closed during this time and it simply doesn't feel safe sending such high value items through the post - Bitcoin does not face such a problem. Of course Gold has practical physical world uses as well, but the majority is kept in the form of jewelry or investment grade forms. I find it funny that Charlie seems to have mellowed a bit on it, I'm sure he has labelled it evil in the past..
They haven't missed the boat because they were never going to get on the boat. They don't invest in assets that don't produce income like gold and bitcoin, they've never been interested in that and it's never been part of their investment universe. They invest in companies that generate cashflow and profit, because that's what they know how to value.
I don't know his reason entirely why he isn't buying any Gold, and there shouldn't be any reason why not to buy it as well. He wants people to follow his views on Gold and Bitcoin by not buying them, and I don't think it's ever going to change anytime soon. They are scared of something they don't know, and they want to be out of it. I don't know about Gold though, it's a great asset to have, but maybe they would stick to jewelry pieces, etc.
Isn't the term, substitute for Gold is already a good thing? It's not physical but the idea of having it is what makes it valuable? To be demanded?
Isn't the term, substitute for Gold is already a good thing? It's not physical but the idea of having it is what makes it valuable? To be demanded?
While I have great respect for Charlie Munger and Warren Buffett, it feels like they have missed the boat on Bitcoin - leaving a lot of money on the table as it were. They have famously avoided tech stocks until investing in Apple relatively late and it seems they have gotten increasingly risk adverse in their old age.
They have their reasons for avoiding Tech stocks as they identified them as a bubble and it was a fact that those years were termed as the Dot Com bubble and we know what happened the bubble burst and many lost their money while anyone who entered early made their profit as well.So you cannot blame them completely and we will see the same situation in the cryptocurrency market as well.
Personally I think that Bitcoin is an artificial substitute for gold and that is actually a good thing.
I just like to see them as virtual currency and not adding any other addition meaning to it 
. 
I guess the confusion is from the term 'Digital Gold' but he should already know this is just a way of describing btc superiority and not because it has any similarities to Gold, am surprise he is even making such statement because nothing about btc display any similar nature with gold. The guy can't seem to tell the difference between btc and gold even when it is very clear.
I think Digital Gold best describes btc more than an artificial substitute, btc is not artificial because it has a total different features and functions from gold, there is no point comparing btc and gold in the first place because they are different, this is his opinion anyways, nobody really cares.
Btc is Gold in what sense exactly? Gold is neither as volatile as btc and nor its going up constantly. Gold is being traded at its 2013 price while btc is at its ATH and getting new ATH's. I see no similarities between gold and bitcoin tbh. Gold has nearly unlimited supply too. Asteroids, the earth core, sea water all filled with gold.
The clip over at Youtube: https://www.youtube.com/watch?v=2Zh_9cBQSYU
While I have great respect for Charlie Munger and Warren Buffett, it feels like they have missed the boat on Bitcoin
While I have great respect for Charlie Munger and Warren Buffett, it feels like they have missed the boat on Bitcoin
Why would they miss the boat? The point of Bitcoin is to store wealth. They have wealth and can be stored in Bitcoin. Bitcoin will be very useful for both Charlie Munger and Warren Buffett in the near future. Right now is still very early. But once hyperinflation kicks in things will start roll much faster.
In my perspective, Warren Buffett and Charlie Munger might have intentionally missed the boat or decided to be left out by the train. As we know it, they don’t even need Bitcoin to get more wealth. These people aren't a master of cryptocurrencies but they are the masters of traditional finance. And If I were them as well, I would better stick with the field I'm used to as I have paid a lot of struggles, pain, and disappoints already before I mastered it.
These people have a lot of things to do on a daily basis. That’s why I think they couldn’t give enough time to study cryptocurrency. One perspective is, their allies and investors are against bitcoin as it is a threat to their business. So If that’s the case, they would better stick to usual IMO.
These people have a lot of things to do on a daily basis. That’s why I think they couldn’t give enough time to study cryptocurrency. One perspective is, their allies and investors are against bitcoin as it is a threat to their business. So If that’s the case, they would better stick to usual IMO.
Even the most successful investor can't be right all the time with his decisions so if there are people who doesn't recognize their bitcoin but still their are successful then its pretty normal. But want to say something still the boats are waiting for them, the prices are literally low since the crypto adoption is in early phase so they can bag profits even if they change their decisions now.
I don't think bitcoin was created for the purpose of replacing previous payment system like gold or fiat. Bitcoin was created to help users manage their own money without the interference of any government and authorities. Bitcoin is also not made to compete with other investment asset, pure bitcoin is a decentralized payment system. We have a different innovation on bitcoin from the banking system. Let him continue his thought and belief, we know that bitcoin is more useful than just a new currency phenomenon.
It wasn't, it's just that these people who thinks that bitcoin is the cure all that thinks that it will replace the current system, satoshi dreamt of an alternative not a replacement, if he did dreamt so, he would have created more bitcoin. It's always compared to gold years ago and the first one was digital gold or new gold in this age. And for those old successful investors, they really won't be able to catch up with the tech stocks because they're living traditionally and don't understand what's in it.
I guess after just a few years from now, with all of those negative statements from these popular and successful investors who have said negatively about bitcoin, they'll change.
Exactly, they are just putting in action what they are saying, don't invest in something that you don't understand, honestly, we don't really need to hear their opinions about bitcoin because it is going to be the same old thing that they are going to say and I don't think that they will change that and if you are following them then you should probably stop investing because you don't think for yourself and you always seek other's validation. I guess after just a few years from now, with all of those negative statements from these popular and successful investors who have said negatively about bitcoin, they'll change.
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