Elon Musk Replies To Munger's Anti-Crypto View: He Once Said Tesla Would Fail

At an online annual shareholder meeting, Warren Buffett's business partner Charlie Munger warned that the cryptocurrency market should be banned due to the irrational influx of startups and venture capital. 

Munger said: "I certainly didn’t invest in crypto. I’m proud of the fact I’ve avoided it. It’s like a venereal disease or something. I just regard it as beneath contempt."

The 98-year-old billionaire has long been a critic of Bitcoin, having previously called it "rat poison."

In response, Tesla founder Elon Musk responded on Twitter: "I was at a lunch with Munger in 2009 where he told the whole table all the ways Tesla would fail.  Made me quite sad, but I told him I agreed with all those reasons & that we would probably die, but it was worth trying anyway."

Tesla is currently the most valuable automaker in the world, at one point surpassing $1 trillion and at $907.5 billion at press time. 

At the same time, the crypto market is also booming. Bitpush terminal data shows that the current market cap of Bitcoin is nearly $800 billion with a trading price of $40,822.

By Mary Liu

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