Charlie Munger Speaks about Bitcoin at University of Michigan Ross School of Business

Charlie Munger recently did a long format talk at the University of Michigan Ross School of Business. He had this to say about Bitcoin and Cryptocurrency.

“I can answer those very quickly. I think its perfectly assinine to even pause to think about them. You know it’s one thing to, to think that gold has some marvelous store of value because Man has no way of inventing more gold or getting it very easily. So it has the advantage of rarity. Believe me, Man is capable of somehow creating more Bitcoin. They tell you they’re not going to do it but they mean they’re not going to do it unless they want to. That’s what they mean when they say they’re not going to do it. If they tell you there are rules and they can’t do it, don’t believe them. When there is enough incentive, bad things will happen. Its.. bad people, crazy bubble, bad idea, luring people into the concept of easy wealth without much insider work. It’s the last thing on earth you should think about. If it worked it would be bad for you because you would try to do it again. It’s totally insane. And by the way, I’ve just laid out a wonderful life lesson for you. Give a whole lot of things a wide berth. They don’t exist. You know… crooks, crazies, egomaniacs, people full of resentment, people full of self-pity, people who feel like victims, they’re just a whole lot things that aren’t going to work for you. Figure out what they are and avoid them like the plague. And one of them is Bitcoin. And the worst thing would happen if you won because then you would do it again. It’s total insanity. It’s so easy to simplify life, from just, all of these things are beneath you. I don’t even want to know… People are promoting bitcoin, I don’t want them to know my address. They’re not my kind of people”

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