Charlie Munger, the late vice chairman of Berkshire Hathaway Inc. BRK was a vocal opponent of Bitcoin BTC/USD and did not hold back when expressing his disapproval of the digital currency.
What Happened: In a May 2021 shareholders meeting, Munger went so far as to call the largest cryptocurrency in the world “disgusting and contrary to the interests of civilization.“
Munger, the business partner of Berkshire Hathaway's CEO Warren Buffett, said that he hates Bitcoin's rise and doesn't support a currency that would aid kidnappers and extortionists.
When Munger made these remarks, one Bitcoin was worth $57,714. This means an investment of $1,000 would have fetched a trader 0.017 BTC.
Cut to the present, one Bitcoin is valued at $67,503. This after a painstaking bear market in 2022-23 which robbed the apex cryptocurrency of much of its gains made in the 2021 bull market.
Therefore, the 0.017 BTC will be worth $1,147, representing a 14% spike.
See Also: Bitcoin Critic Elizabeth Warren Backs Kamala Harris For Presidency After Biden Withdraws From The Race: ‘She’s Ready To Step Up’
Why It Matters: Bitcoin has been the top-performing financial asset in the last decade, massively outperforming gold and equities, according to casebitcoin.com.
A more recent assessment paints a similar story. King Crypto has increased 60% so far this year, compared to the S&P 500′s 16% increase and gold’s 16% year-to-date gains.
Bitcoin hit a new all-time high of $73,000 earlier in March but has since pulled backward due to profit-taking.
Price Action: At the time of writing, Bitcoin was exchanging hands at $67,503 trading mostly flat in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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