Berkshire Hathaway has generated immense wealth for its shareholders over the last couple of decades. It is one of the most revered firm on Wall Street and has also earned a nickname of being the “lender of last resort” in the last financial crisis of 2008. It had bought bonds from huge corporate American banks back then.
Its success maybe a reason why its Vice Chairman, Charlie Munger, has a distaste for Bitcoin. In an annual meeting of shareholders of the Daily Journal Corporation a few days ago, Munger was opining his sentiments on Bitcoin and Tesla. His sentiments were broadly negative towards Bitcoin use as a medium of exchange.
In response to Munger’s comments, BIGToken’s CEO Lou Kerner offers a US$1 million wager that Bitcoin will outperform Berkshire in the next three years. Kerner also mentioned why Munger may not view Bitcoin as a credible asset. In the letter to Chalie Munger, Kerner stated the following
Some People Are Too Successful To See The Light
In order to see the Crypto light, you have to be open to new ideas. You have to want to look to the right or left, even if looking straight ahead has paid off big time. Yet the more successful that people are, the less likely they are to change how they look at the world. The less likely they are to have an interest in looking left or right and seeing what’s there. Being successful makes it less likely you’ll see the Crypto light.”
Kerner encouraged Munger to take time and learn more about Bitcoin and its underlying technology rather than dismissing it outright.
If Bitcoin outperforms Berkshire after three years, BIGToken will take the winnings and give them to organizations which educate people on crypto.
Well, many of crypto believers were once unbelievers. That journey of conversion does require one to adopt an open mind. Sometimes, the lack of knowledge regarding a subjects creates a huge convenience for uninformed dismissal. It may make us look “smart” in the eyes of our own success, but often times, we may lose the bigger picture.
As Albert Einstein once said “Intellectual growth should commence at birth and cease only at death.”
[ Read more: Lou Kerner’s Letter to Charlie Munger ]