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How Charlie Munger Oddly Inspired Elon Musk To Never Give Up On Tesla



How Charlie Munger Oddly Inspired Elon Musk To Never Give Up On Tesla

The top right-hand man of Warren Buffett’s Berkshire Hathaway company, Charlie Munger, recently dropped a provocative bombshell on the crypto world, after likening the frenzy around bitcoin and altcoins adoptions to “venereal disease”. A disgusted Charlie, during a Q&A session at the LA-based Daily Journal Corp, openly blurted:

“I’m proud of the fact that I avoided it. It’s like some venereal disease. I just regard it as beneath contempt. Some people think it’s modernity, and they welcome a currency that’s so useful n extortions and kidnappings [and] tax evasion.”

Charlie, a 98-year-old billionaire who has remained an unflinching critic of the developments around cryptocurrencies, spared no horses in expressing, once again, his disgust for the hype and growth around cryptocurrencies. In the footsteps of his boss, Warren Buffett, who once referred to cryptos as rat poison, Charlie once again riled up the crypto Twitter community, provoking an avalanche of reactions that relegate his opinions on crypto to the realm of obsolescence.

Of all comments posted, Elon musk’s was widely received as the Tesla techno King walked Charlie Munger down memory lane to a one-on-one conversation in 2009, on how his verbal pessimism over the concept of Tesla almost drained Elon of the enthusiasm needed to kick-start Tesla.

By Elon’s tweet, observers have deduced the tendency for the veteran investor to be on the wrong side of history with crypto. Mungo’s reiteration of much ill news that has beclouded the use of cryptocurrencies—which is not uncommon to the case for fiat currencies—goes to show the demography that has backed bitcoin over the past few years are well above Munger’s peers.

But a cursory look at the books of Berkshire Hathaway where Munger had served for 44 years, shows how, contrary to voiced opinions, it may rethink its perceptions about crypto investment. The latest $1 billion investment in Brazil-based mainstream bank Nubank has shown that Warren Buffett is ultimately interested in reaping reasonable gains from companies that are attuned to modern innovations not excluding cryptocurrencies.

Nubank in May last year gained the Bitcoin ETF issuing company, Eazynvest, to capture crypto investors across Latin America. By proxy, Buffett can be called a crypto-investor, having financed the growth of Latin America’s biggest bank towards Fintech and crypto services. 


Cardano’s Charles Hoskinson wants to work with Elon Musk to develop a decentralized social media platform



Cardano's Charles Hoskinson wants to work with Elon Musk to develop a Decentralized social media platform

The Founder of Cardano (ADA) has invited Tesla owner and billionaire, Elon Musk, to work with him in developing the first decentralized social media platform. Charles Hoskinson, who also doubles up as the CEO of Input-Output Global is offering to help Elon Musk achieve his goal of free speech on social media.

The news follows Elon Musk’s acquisition of a stake in Twitter last week. The Billionaire bought 9.2% of Twitter, estimated at $2.89 Billion, and was even offered a seat on the micro-blogging site’s board. However, after deliberations, Elon passed on the offer since it would bar him from owning beyond a certain threshold of Twitter’s shares.

Free speech advocate

Elon Musk is on record for being a passionate supporter of free speech and open internet policies. He has in the past openly accused Twitter of muzzling free speech and open internet use. He recently held a poll that indicated that most users would prefer an edit button on Twitter and said that if he is not allowed to acquire the platform, he would have to reconsider his position as a major shareholder of Twitter.

To actualize this cause, he has offered to acquire the platform for a reported fee of $43 Billion in cash. This intended acquisition has left his critics and supporters talking and would go a long way in helping him bring much-needed changes to Twitter. His intention has however come under fire with his critics, including Dogecoin co-founder, Jackson Palmer saying that Elon Musk is planning a hostile takeover of Twitter. 

Hoskinson’s offer to Elon Musk

Upon seeing the opposition against Elon Musk’s plan, Hoskinson wooed Elon to join him in creating a decentralized social media platform. He tweeted:

“@Elon if Twitter rejects your offer, then hit me up. Happy to build a decentralized one.”

This offer follows Elon Musk’s Twitter poll where he sought the opinion of his 80 million followers about a decentralized social media platform. He posited that were he to be barred from acquiring Twitter, he would establish his decentralized platform that would be founded on free speech and open internet.

Elon Musk’s campaign for free speech and open internet has not been welcomed by all. Some of his critics have argued that coating his move with good intentions, his true intention is to get revenge against the SEC for muzzling his Twitter activities.

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Thailand Outlaws The Use Of Crypto For Payments



Thailand Outlaws The Use Of Crypto For Payments
  • The SEC in Thailand has banned crypto payments in the country.
  • Its new decision is expected to become enforceable in April.
  • The SEC reiterated that the government still maintained support for the blockchain industry, clarifying that the decision does not affect crypto investments.

The Securities Exchange Commission today has placed restrictions on crypto as a means of payment. They believe that it poses risks to the nation’s financial stability.

Crypto Payments Outlawed

Thailand’s SEC today has outlawed the use of crypto as a medium of exchange in the country. The regulators came up with this decision after discussing the benefits and inherent risks from crypto and blockchain technology with the country’s central bank, the Bank of Thailand (BOT).

They concluded that the use of cryptocurrencies for payment was potentially harmful to the country’s financial stability and economy. Price volatility, risks of theft, and potential use cases in money laundering were amongst the reasons cited by the SEC that led them to this decision.

The SEC report read, “the use of digital assets as a medium for payment of goods and services Because it may affect the stability of the financial system and the overall economy. including risks to people and businesses such as the risk of loss of value caused by price volatility Risk of Cyber ​​Theft Risk of personal data leakage or being used as a tool of money laundering.”

As per the SEC’s new decision, crypto service providers and vendors or merchants in the country are encouraged to stop providing or facilitating such services. Suppose a crypto service provider discovers that a customer has used its services to make payments. In that case, the service providers are to inform the SEC and restrict activities on the said account.

The SEC’s new ruling is to take effect from the 1st of April. However, businesses that already offer such services would be given till the end of April to cease such operations. The crypto market in Thailand has grown massively over the last couple of years. As per a Bloomberg report, government data estimates that Thai citizens hold about $3.4 billion in crypto assets.

Crypto Investments Not Affected As The Thai Government Still Supports Blockchain Technology Innovation

The SEC in their release, clarified that the restriction was only on using cryptocurrency as a means of payment and in no way affected citizens investing in crypto. It was stated that “digital asset traders/investors can carry out normal investment/trading related transactions.”

The SEC also maintained that the government still supported blockchain technology and was working to provide a regulatory environment where innovation can be encouraged in the industry. Recall that earlier this month, the country had offered tax incentives to investors and businesses in the crypto industry.

“… the BOT and the SEC, as well as other government agencies, see the benefits of various technologies behind digital assets such as  blockchain and emphasize and support the use of technology to further innovation.”

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