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in this video we will hear from Warren Buffett Charlie Munger vs FTX Samuel fried bankman or SBF on investing in crypto as many of you are aware Buffett and Munger are against Bitcoin and any crypto coins in general they have rallied against all of them and have labeled crypto coins as rat poison let's listen to them during their 2022 Berkshire Hathaway annual meeting avoid things that are stupid an evil and made me look bad in comparison to somebody else and Bitcoin does all three and and the first place stupid because it's very likely to go to zero the same place is evil because it undermines they've had a Reserve System and the national currency system which we desperately need to maintain its integrity and government control and so on and third it makes us look foolish compared to the communist leader in China he was smart enough to ban Bitcoin in China with all of our presumed advantages of civilization we are a lot dumber than the communist leader in China in fact as early as 2018 the two partners have told reporters that Bitcoin is worthless artificial goldmonger told cnbc's Squawk Box that is not something I think the world needs the fact that it's clever computer science doesn't mean it should be widely used and that respectable people should encourage other people to speculate on it he said Bitcoin reminds me of Oscar Wilde's definition of fox hunting the pursuit of the uneatable by the Unspeakable and then we have Bill Gates the Microsoft founder giving his opinion on crypto technology and Warren have weighed in on bitcoin do you own any uh somebody gave me some for my birthday uh and then a few years later I thought hey I'm gonna sell that so no but Bill Gates do believe there is real technology such as blockchain that can provide useful applications in the future technology in terms of sharing databases and verifying transactions uh that is talked about as blockchain that is a good thing and in this a Berkshire Hathaway annual meeting Warren Buffett gave an example of what he would do if someone offered to him all the Bitcoin in the world well I shouldn't answer any questions on the subject but I will if you tell me you won't one percent of the apartment houses in the United States 25 billion or something I'll write your check and it's very simple now if you told me you owned all of the Bitcoin in the world and you offered it to me for twenty five dollars I wouldn't take it because what would I do with it um I have to sell it back to you one way or another I mean maybe I'm the same people but it isn't going to do anything the apartments are going to produce metal and and the Farms are going to produce food it appears Mr Buffett is looking at these two factors at Bitcoin something we should all keep in mind and Munger is not kind with his words he also stated that Bitcoin is like a turd and trading it is similar to dementia now I'm not as harsh as the two billionaires but I think there must be regulations before I would start investing I think there is real technology behind all the coins and someday we will make use of it but currently it's in such a wild and unregulated state that scammers and Hustlers are all over this space and this past week has been a major dent in the crypto space with one of the largest players FTX going bankrupt Samuel fried bankman or SBF was likened to Warren Buffett and Charlie Munger in the crypto world since he was bailing out companies and was considered a lender of Last Resort so everyone was floored when there was essentially a run of the bank scenario at FTX and FTX couldn't meet the number of withdrawals this whole drama deserves another entire video which we might do soon but let's listen to SPF on a CNBC interview in September 2022 before his company imploded we only had a few days to make some of these decisions what we basically came to believe was the following the the first was that if possible it would be extremely valuable to the ecosystem to backstop some of these places first of all she's backstopping customers and making sure they're protected but second of all stopping contagion from spreading through the ecosystem right stopping it from being the case that anyone who transitively did business with any chain of people who did business with one of the troubled assets themselves became troubled this is so ironic that he would talk about rescuing firms that are failing so they don't spread to other firms he became the biggest firm to fail in the end and in this next segment SBF talks about bankruptcy and plugging holes of a company's liquidity that he was going to rescue this conversation is so crazy because this will be happening to his company in the next two months I'm just in shock how everything has unfolded and this is just the very beginning you look at a lot of these cases you know the four days before they're gonna file bankruptcy and so in four days to do all of the diligence we could on the company learn everything about it understand the industry their business their customers understand how we thought things were going to unfold and then make a judgment call and wire money and SBF leaves us with these chilling words little did we know that SBF will cause the crypto ecosystem more pain than anyone else would was important for customers it was what was important for people to be able to operate in the ecosystem without being terrified that unknown unknowns we're going to blow them up somehow in the end Buffett and Munger investment wisdom wins every time there are new Financial products we should always try to see the real value of these products especially on new exotic products that promises new and exciting fortunes this is hard for the average investor when you see all the famous celebrities or Rich hedge funds piling into the space it's very tempting to join with them and hopefully ride the wave but before you do that say to yourself a couple of things number one do you really understand the products number two if you lose everything will you be okay number three is everyone investing including your friends and family if this is the case it's generally a warning sign that things will be going south I remember Buffett saying I can't be the victim if I don't play the game and that's probably the best advice that we should listen to sometimes it's better not to play the game and just watch from the sidelines well there you have it this crypto crash highlights the wisdom of Warren Buffett and Charlie Munger many of the younger generation discounted them when they were criticizing Bitcoin I wonder how they are are feeling now I hope this video opens up your eyes and until next time please like And subscribe to this channel for more future videos and happy investing
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