When I saw this news about Charlie Munger saying that AI is overhyped, Bitcoin is stupid and the Internet will fail on Binance Feed I just laughed and in my head I was like can someone close to Charlie Munger please remind him that the beaver pelts and gold nuggets thing has already gone through the 5 stages of tech adoption and no one wants to do that cycle again and Bitcoin and other modern technologies are hear to stay. So I totally disagree with him but then again he is old, I mean he is 99 years old and also he is entitled to his opinion as well.
The problem with Charlie Munger's Bitcoin criticism is that he views Bitcoin as not an investment but hopes and dreams, He feels most people are buying Bitcoin with the hope of the price increasing but is that not the whole point of investing, for the price of whatever product or project you bought to increase in value that it is worth or price. Charlie Munger might have been or let us say he is still a wise investor, but his opinion on Bitcoin, Crypto, technology, and innovation is way off and he needs to educate himself because technology and innovation have reshaped our world today.
While skepticism is healthy, embracing change is essential. The internet, AI, and Bitcoin have shown incredible potential already. Charlie Munger needs to evolve and respect diverse viewpoints not hold on to the old way of things before technology. He is holding on to his outdated perspectives and his love for the Fiat system is because he made his fortune from within the Fiat system, so his perspective is totally biased no one goes against what puts food on their table. Technological breakthroughs like Bitcoin and the Internet have always had a way of defying expectations. Even electricity was demonized in 1889. So am not so surprised that Bitcoin, AI, and other technologies won't be hated by people like
Charlie Munger.
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