Value Investor Mohnish Pabrai Has Aired On Warren Buffett’s Criticism Of Cryptocurrency
Value investor Mohnish Pabrai shared his thoughts on the current state of the cryptocurrency industry in a recent interview with CNBC, claiming that the worst is yet to come for the digital asset, despite a significant correction.
The Indian-American businessman and philanthropist believes that cryptocurrency stocks and crypto-related investments will finally be “a big void”.
This is not the first time that a disciple of billionaire Warren Buffett has criticized cryptocurrencies.
During his appearance on the “Everything Money” podcast in December, Pabrai complained about the rapid proliferation of new coins. “New currencies and new currencies are being created every hour,” he said.
At the time, the value investor predicted that the $3 trillion industry would disappear, hurting a lot of people.
“If you take all crypto to zero, it will hurt a lot of people,” Pabrai predicted.
As reported by U.Today, Berkshire Hathaway CEO Warren Buffett recently made headlines after trampling bitcoin once again at the company’s annual shareholder meeting in Omaha about a month ago. Buffett said that he would not buy all cryptocurrencies in existence even for $25 because he believes they have no value.Meanwhile, Buffett’s right-hand man Charlie Munger predicted that bitcoin is “very likely” to drop to zero.
While cryptocurrency proponents scoff at the warnings of skeptics like Buffett, the $60 billion Terra implosion brought the crypto industry closer to a breaking point. Although the market managed to partially rebound from the crash, despite facing its worst crisis since the Mt Gox bankruptcy in early 2014, bitcoin is currently trading slightly above the $30,000 level. .
