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Warren Buffett and Charlie Munger Opened Fire at Bitcoin and Called It ‘Stupid’ and ‘Evil’

Daily Market Wrap

  • Crypto market cap: 1.74 trillion, down 0.09%

  • BTC price stands at USD 38,530, down 0.33%

  • ETH price stands at USD 2,842, up 0.04%

  • Top gainer: Algorand (ALGO), up 13.47%

  • Top loser: Kyber Network Crystal v2 (KNC), down 13.64%

News of the Day

Why it matters:

  • Buffett said at the Berkshire Hathaway Annual Shareholder meeting Saturday that Bitcoin is not a productive asset and produces nothing tangible

  • He also added, “If you told me you owned all the bitcoin in the world and you offered it to me for $25, I wouldn’t take it.”

  • Munger has even made more hostile comments towards Bitcoin. “In my life, I try and avoid things that are stupid, evil, and make me look bad in comparison to someone else,” Munger said. “Bitcoin does all three.”

  • In earlier times, Buffett used to criticize Bitcoin as “rat poison squared” and “worthless delusion”. Meanwhile, Munger has called for the US to ban it

Crypto daily spotlight

Brief introduction: Solana is a decentralized blockchain built to enable scalable, user-friendly apps in DeFi, NFT, and Web 3.0. Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.

Why it matters:

  • Unprecedented bot traffic flooded the Solana network knocking validators out of consensus and grinding the block production

  • The network went dark at 4:32 p.m. for 7 hours as four million transaction requests and 100 gigabits of data every second swarmed the popular NFT minting tool known as Candy Machine

  • Unlike last September’s 17-hour outage, the network restart requires validators to temporarily block Candy Machine transactions, which leads to a debate in Discord whether such a move constituted censorship

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