Charlie Munger: Crypto Gambling

Posted by admin on Friday, February 10, 2023

Meaning of Charlie Munger Money Quote: saying Crypto is not a currency, it is a gambling contract with 100% favor for the house. Charlie Munger said:
cryptocurrency is not a currency, not a commodity, and not a security. 
It’s a gambling contract with 100% edge for the house Quote

“A cryptocurrency is not a currency, not a commodity, and not a security.
 Instead, it’s a gambling contract with a nearly 100% edge for the house” — Charlie Munger


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Charlie Munger considers cryptocurrency gambling rather than a currency for a few key reasons. He believes that unlike traditional currencies which are backed by governments, cryptocurrencies have no intrinsic value and their price is determined purely by speculation. Since the value can fluctuate wildly based on market sentiment, Munger sees it as similar to betting on an unpredictable asset.

He also argues that the structure of cryptocurrency favors those who trade it like a commodity over long-term users, since new coins are often released which dilutes the value of existing holdings. While cryptocurrency proponents view it as a new kind of currency, Munger takes the stance that it lacks the stability and purpose of a normal currency.

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