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Charlie Munger Doubles Down on Bitcoin and AI Criticism

Charlie Munger, the billionaire vice chairman of Berkshire Hathaway and a close advisor to Warren Buffett, has once again expressed his skepticism about artificial intelligence (AI) and his longstanding criticism of Bitcoin (BTC).

During the recent Zoomtopia conference held from October 3-4, Munger voiced his doubts about the current AI hype, stating, “I believe it’s receiving an excessive amount of attention, and it’s likely receiving more attention than it merits.” While he acknowledges the importance of AI breakthroughs, Munger remains unconvinced about its “exaggerated” potential, reiterating his skepticism about AI’s transformative power. He has previously cautioned against unrealistic expectations surrounding AI and emphasized the value of old-fashioned intelligence.

Munger’s views on AI are shared, to some extent, by Warren Buffett, who recognizes AI’s technological advancements but admits to not fully understanding the field. Buffett has also expressed concerns about the societal impact of AI.

When it comes to cryptocurrencies, Munger doesn’t hold back his criticism. He bluntly stated, “Don’t get me started on Bitcoins — that was the stupidest investment I ever saw.” Munger has consistently been a vocal critic of cryptocurrencies, comparing Bitcoin to “rat poison” in the past and advocating for its ban by the U.S. government.

Warren Buffett shares Munger’s skepticism towards Bitcoin, referring to it as a “gambling token.” JPMorgan Chase CEO Jamie Dimon has similarly dismissed cryptocurrencies, likening them to “owning a pet rock.”

However, not all investors share Munger and Buffett’s negative views on Bitcoin. MicroStrategy’s CEO, Michael Saylor, believes that critics like Munger should invest more time in studying Bitcoin to gain a better understanding of its potential. Additionally, former BlackRock executives Stephen Schoenfield and Martin Bednall are focused on the future of Bitcoin exchange-traded funds (ETFs) in the U.S., anticipating that the approval of multiple Bitcoin ETFs will happen in the coming months. Proponents argue that such approvals could bring approximately $200 billion into the cryptocurrency market.

Despite the skepticism of Munger and Buffett, AI and cryptocurrencies remain areas of interest for major Wall Street firms, reflecting the ongoing debate and exploration surrounding these technologies in the financial industry.

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