Tesla Boss Elon Musk Responds to Charlie Munger’s Bitcoin (BTC) Criticism.
Munger criticized Bitcoin and co saying he is ‘proud’ of having not invested in cryptocurrency, says it should be banned, and likens it to ‘venereal disease.
Elon Musk, CEO and founder of American company Tesla, replied to the criticism against Bitcoin (BTC) by Charlie Munger, vice chair of Berkshire Hathaway Inc, by recalling the discouraging words Munger said about his car company over a decade ago.
According to Musk, Munger told the whole table during a lunch meeting in 2009 the possible ways Tesla would fail.
“I was at a lunch with Munger in 2009 where he told the whole table all the ways Tesla would fail,” Musk said.
Not discouraged by the hurtful words Munger said to him at the time, Musk told him that it would be worth it to start the car company.
“Made me quite sad, but I told him I agreed with all those reasons & that we would probably die, but it was worth trying anyway,” Musk added.
The Tesla boss eventually succeeded in establishing one of the biggest electric car companies in the world, contributing to boosting his net worth to over $300 billion.
“I was at a lunch with Munger in 2009 where he told the whole table all the ways Tesla would fail. It made me quite sad, but I told him I agreed with all those reasons & that we would probably die, but it was worth trying anyway.”
I was at a lunch with Munger in 2009 where he told the whole table all the ways Tesla would fail.
Made me quite sad, but I told him I agreed with all those reasons & that we would probably die, but it was worth trying anyway.
— Elon Musk (@elonmusk) February 16, 2022
Ignore Munger, Musk Says
It is worth noting that Musk’s comment came under the social media post made by Munger, where he expressed satisfaction for not investing in Bitcoin, adding that he wished “Bitcoin must be banned immediately.”
Musk was trying to warn his followers not to heed the BTC warnings of Munger, as they may end up regretting it, which could have been his case if he had listened to the vice-chairman of Berkshire Hathaway.
Musk’s response to Munger attracted a lot of reactions from the entire crypto community, including Michael Saylor, MicroStrategy CEO, who has been on a Bitcoin acquisition spree.
“Nothing ventured, nothing gained,” Saylor tweeted.
Nothing ventured, nothing gained.
— Michael Saylor⚡️ (@saylor) February 16, 2022
Munger and his partner Warren Buffet have made several hateful comments against BTC in the past, including predicting that the World’s largest cryptocurrency’s value will eventually become valueless.
Despite the criticisms, Bitcoin has continued to gain traction, with more retail and institutional investors buying into the cryptocurrency.
Last week, Nayib Bukele, president of El Salvador, responded to Peter Schiff’s criticism about the country’s decision to buy the dip.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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