Charlie Munger desecrated crypto and extolled BYD as the superior choice to Tesla. Cathie, Robert Kiyosaki, Patrick Byrne, just called him out.

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Charlie Munger slammed crypto and praised BYD over Tesla during a polarizing interview.
After his remarks, Patrick Byrne, Robert Kiyosaki and Cathie Wood retaliated.
Wood stated that Warren Buffett's 99 year-old business partner does not appreciate Tesla's innovations.

Charlie Munger called bitcoin and other cryptocurrency stupid, dangerous, worthless and dangerous at the Daily Journal's annual meeting.

The 99-year old billionaire and vice-chairman Warren Buffett's Berkshire Hathaway declared that Tesla's main rival, BYD was absurdly ahead of Elon Musk’s electric-vehicle firm in China.

Munger's incendiary remarks drew strong retorts by Ark Invest CEO Cathie wood, Robert Kiyosaki (Rich Dad Poor Dad) author, and Patrick Byrne, former Overstock CEO. Nouriel Roubini, the "Dr. Doom," economist, supported Munger's crypto criticism.

Here are the reactions of four top commentators to Munger's fiery remarks:

1. Ark Invest CEO Cathie Wood

"Charlie Munger and many on Wall Street do not understand that passing along the lower costs associated with technologically-enabled innovation, in #Tesla's case batteries and drivetrains, will cause a boom in unit demand, discrediting the Keynesian/Fed's Phillips Curve model," Wood tweeted on Saturday.

According to the technology investor, Tesla's innovations will reduce its costs. This will allow it to lower prices and boost demand without having to cut its profit margins. Wood believes that tech innovations will reduce inflation in the US, which could allow the Federal Reserve to lower interest rates and stimulate economic growth.

Wood seems to believe that Tesla can reduce prices without affecting its margins while strong demand and lower rates can help it crush rivals like BYD.

2. Robert Kiyosaki is the author of "Rich Dad Poor Dad".

In a recent interview with Stansberry Research, Kiyosaki stated that Charlie Munger is an older man like him.

Kiyosaki stated that crypto isn't what makes me like it, but blockchain, an accounting system. It's more legit than the Fed, Treasury, or Wall Street. Charlie Munger is part of the Fed/Treasury/Wall Street crowd. The younger generations, the millennials, are in the iPhone crowd.

Kiyosaki believes that Munger is part of an older generation of Americans who trust and like the financial system. However, younger generations who are more adept at newer technology like the iPhone are more willing to challenge the status quo.

3. Patrick Byrne is the ex-CEO at Overstock

Byrne tweeted Friday that "Munger" was America's most overrated mind.

He continued, "If Buffett hadn't picked him up," Munger would have been the richest good lawyer in LA. "The only great idea he had was explaining why everyone else's ideas were so obvious and curmudgeonly.

For a few years, Berkshire's Fechheimer Brothers was run by Byrne. His father ran Berkshire's Geico between 1976-85. Buffett was the former CEO of Overstock. He described Buffett as his Omaha rabbi and key mentor. But he is clearly less of a Munger fan.

4. Nouriel Roubini, economics professor at NYU Stern

"Those who support crypto are IDIOTS!" That's right. They are fool crooks! Roubini responded to Munger’s crypto attack on Friday with a tweet.

Munger shares Munger’s dislike for crypto.

"Very well said!" "Ban this crypto scam! Roubini replied to Munger's recent request for the US to ban crypto.

Roubini also retweeted an article by Quartz in 2018 that highlighted Munger’s comments at Berkshire’s annual shareholder meeting.

Munger stated that crypto's popularity was just dementia to him. It's almost like someone else is trading turds, and you decide that you cannot be left out."

Business Insider has the original article.

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By: tmohamed@businessinsider.com (Theron Mohamed)
Title: Charlie Munger torched crypto and touted BYD over Tesla. Cathie Wood, Robert Kiyosaki, and Patrick Byrne just called him out.
Sourced From: markets.businessinsider.com/news/currencies/wood-kiyosaki-byrne-munger-musk-tesla-byd-ev-crypto-bitcoin-2023-2
Published Date: Mon, 20 Feb 2023 11:39:00 +0000