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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

Warren Buffett and Charlie Munger opened fire at Bitcoin, calling the cryptocurrency ‘stupid’ and ‘evil.’

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

Solana halts again for 7 hours as the bot machine swarmed the popular NFT minting tool Candy Machine.

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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