Bitcoin Ban or Bitcoin to $1 Million? Charlie Munger vs. Cathy Wood
Charlie Munger thinks all crypto, including Bitcoin, should be banned. On the other hand, Cathy Wood thinks Bitcoin will be $1 million per coin by 2030. Who should you believe?
Do you remember they used to break the class up into boys vs. girls in elementary school? It forces you to feel instant pride and camaraderie when you are teamed up against the opposite sex, whether for a class spelling bee, a game of Red Rover, or any other contest to prove your sex is better.
Today's crypto news has two conflicting stories from each sex. On one side, we have Charlie Munger, the 99-year-old billionaire who is the vice chairman of Berkshire Hathaway. Warren Buffett has described Munger as his right-hand man; together, they are the Batman and Robin of the investing world.
On the other side, we have Cathie Wood, the 67-year-old founder and CEO of Ark invest. Her flagship Ark Innovation fund crushed the market with 45% annualized returns until running into some issues last year with the tech crash. Wood is one of the most prominent and outspoken women in the investing space, and her fund focuses on identifying and investing in disruptive technologies.
These two brilliant investors sit in different camps regarding Bitcoin and crypto. Munger has described Bitcoin as "disgusting and contrary to the interests of civilization." His descriptions are even more colorful when he says, "I avoid it as if it were an open sewer, full of malicious organisms," and "I regard it as almost insane to buy this stuff or to trade in it."
Meanwhile, Wood has a different mindset. She has said things like,
"Bitcoin is bigger than Apple, which is a pretty good idea." Cathie Wood has also said, "Bitcoin (is) truly a money revolution," Wood said. "It's a very important insurance policy for countries that don't have the dollar as a reserve currency as we do."
So, we have two investing powerhouses with disparate views. Both names have been in the news recently. Munger suggests the US follow in China's footsteps and ban Bitcoin and crypto assets. And Cathie Wood has recently called for…