Charlie Munger is a billionaire investor who is known for being the right hand of Warren Buffet. Recently Munger made some harsh criticism about the fiat currencies. It is worth mentioning that Munger has not been a fan of cryptocurrencies either, and he has visibly criticized the nascent cryptocurrency industry several times in media and public gatherings.
The 98 years old young VC of Berkshire Hathaway put the fiat currencies under harsh criticism during an interview with Yahoo finance recently. His remarks were quickly adopted by Bitcoin evangelist Michael Saylor. Munger claimed that in the next 100 years, the paperback is going to lose its value 100%, but he took the precaution to not pinpoint USD specifically.
Michael Saylor took the comments of Charlie Munger and tweeted recently that, like any other smart investor, he understands the issues related to the fiat currencies. Meanwhile, Saylor also added that Munger still is unable to see the importance of the need for digital currencies to fill the gap that has been left behind by the fiat currencies.
According to the latest statistics, the rate of inflation in the United States is currently around 7.5% which is a direct consequence of the money printing policies of the Federal Reserve. Despite taking a strict stance on paperback, Munger is still not a fan of digital assets. Speaking to the journalists at Reuters, he drew a comparison of cryptocurrencies with venereal diseases and linked them to illegal activities like tax evasion, money laundering, kidnapping, and terror financing.
Nubank is a digital banking enterprise operating out of Brazil that offers crypto trading services with derivatives. According to the latest media reports, Berkshire Hathaway, the 7th largest wealth management enterprise in the world, has recently purchased a massive amount of stocks of Nubank.
The report suggested that BH has invested about $1 billion in Nubank Stocks. Despite the negative stance of VC Charlie Munger towards digital assets, the wealth management company does not want to slip away the chance to invest in a lucrative and viable profit-making option.