Artificial intelligence (AI) has become a hot topic on Wall Street, attracting billions of dollars in investment this year. However, not everyone is positive about this issue. One notable skeptic is Charlie Munger, the 99-year-old vice chairman of Berkshire Hathaway and Warren Buffett's longtime right-hand man.
Charlie Munger Talked About Artificial Intelligence and Bitcoin
Munger, who recently attended Zoom's Zoomtopia conference, expressed his reservations about the artificial intelligence sector, which many investors tout as the next big innovation. “I think it's very overrated,” Munger said, “And I think it probably gets more attention than it deserves.”
Munger pointed out that artificial intelligence is not a new phenomenon:
“We've always had AI where software makes more software. And of course it is very useful, but it has been around for a long time.”
In addition to his views on artificial intelligence, Munger also shared his thoughts on cryptocurrencies during the Zoom event. He did not mince his words when explaining his perspective on Bitcoin and other digital currencies.
“Don't make me talk about Bitcoin, it was the stupidest investment I've ever seen,” he told the audience, before making the famous statement: “Most of these investments will go to zero.”
Munger has been a fierce critic of cryptocurrencies for some time, once likening Bitcoin to “rat poison” and comparing other digital currencies to a “venereal disease.” He expressed his discomfort with their invention and criticized those involved in the crypto market.
*This is not investment advice.