Buffett and Munger Are Wrong About Crypto, Kevin O’Leary Says

The host of the TV show Shark Tank – Kevin O’Leary – outlined a bright future for blockchain technology and bitcoin, saying the ongoing crypto winter is just a “flip.” As such, he argued that two of the asset class’ biggest critics – Warren Buffett and his right-hand man Charlie Munger – are incorrect in bashing it as “rat poison” or an “open sewer” of evil actors.

O’Leary Is on the Opposite Corner

The Canadian businessman, known as Mr. Wonderful, was quite skeptical about crypto in the past. Last year, though, he changed his stance and invested 3% of his portfolio in bitcoin. Since then, he has been an outspoken advocate of the industry, vowing not to sell his stash amid the current adverse situation.

In a recent interview, O’Leary reiterated his viewpoint claiming that the “productivity, transparency, and efficiency” of blockchain technology are “immense” in the long term. In his view, the ongoing bear market might stay for a while, but eventually, it will pass. He expects “unprecedented institutional capital in cryptocurrencies” to fuel the next bull run, advising investors to be patient as “extraordinary outcomes take time.”

On that note, the Canadian praised Warren Buffett and Charlie Munger as great investors, but their vision of crypto is wrong. Over the years, the CEO of Berkshire Hathaway has labeled BTC as “rat poison,” while recently, he said he wouldn’t buy all bitcoins in the world even for a mere $25.

Last year, his right-hand man – Charlie Munger – wished cryptocurrencies were never invented. Earlier this month, the 98-year-old billionaire opined the asset class is “undermining the national currencies of the world” and that anybody who sells cryptocurrencies is either evil or delusional.

In addition to opposing Buffett and Munger, O’Leary touched upon the numerous failing projects in the crypto space like Terra. He is not surprised that such protocols collapse since they are run by weak business models and bad managers. The space will be a better place when it gets rid of the “idiots” that diminish its strength, the Canadian concluded:

“We should be celebrating this purging.”

Kevin O’Leary, Source: CNBC

Scaramucci Is Also Against Buffett

Earlier this year, SkyBridge Capital’s CEO – Anthony Scaramucci – urged investors to ignore Warren Buffett’s bashing comments on crypto. He claimed that the “Oracle of Omaha” and other critics such as Jamie Dimon had not done their “homework” to understand the merits of the sector:

“These sorts of traditional finance people have made a decision not to do the homework, or maybe they’ve done the homework, and they have decided that it’s just too big of a change for them at this stage in their career.”