Billionaire Investor Charlie Munger says that fiat currency would go to zero in the next hundred years as the inflation rate rises.
The remarks by the vice-chairman of Berkshire Hathaway were reposted by MicroStrategy CEO Michael Saylor, who commented that the solution was bitcoin.
The 98-year old veteran investor does not support the use of cryptocurrencies. He faults the US for not following China’s steps in banning digital assets.
The remarks by Munger contradict the move by his firm, Berkshire Hathaway, which recently filed an application with the SEC for the acquisition of Nubank. Nubank is a digital ‘neobank’ that enables users to invest in crypto-based products.
The inflation rate in the US is at a 40-year high of 7.5% in what is attributed to the printing of money by the central bank. As a result, the cost of living continues to soar.