Former Governor of California Arnold Schwarzenegger has confirmed that he does not invest in bitcoin or any other cryptocurrencies. He says that he is â€œlike Warren Buffettâ€ in that he does not invest in things he does not understand. The CEO of Berkshire Hathaway thinks bitcoin is â€œrat poison squared.â€
Arnold Schwarzenegger Not Investing in Bitcoin or any Other Cryptocurrencies
â€œTerminatorâ€ star Arnold Schwarzenegger talked about bitcoin during an interview with the New York Times published Thursday. Regarding bitcoin, the former California governor said:
The Berkshire Hathaway CEO has long been a bitcoin critic. He called it â€œrat poison squaredâ€ back in 2018 after his business partner Charlie Munger compared the cryptocurrency to â€œrat poisonâ€ and â€œturds.â€
Buffett is well known for operating within his â€œcircle of competence,â€ meaning he does not invest in anything he does not understand.
Schwarzenegger has turned to Buffett, sometimes known as the Oracle of Omaha, for advice several times over the years. When he campaigned for California governor in 2003, Buffett became his senior financial and economic advisor. Schwarzenegger won the special recall election and was in office until 2011.
The Hollywood actor previously described Buffett as â€œthe greatest investor ever, my mentor, and my hero,â€ adding that â€œWarren has a common-sense approach to business issues and an integrity that is unmatched. Thatâ€™s the same way I want to approach governing. Warren always tells it the way it is.â€ Buffett was also one of Schwarzeneggerâ€™s advisors when he hosted â€œThe New Celebrity Apprenticeâ€ in 2016.
Early this month, Buffett and Munger commented about bitcoin at Berkshire Hathawayâ€™s annual shareholder meeting. While Buffett avoided commenting on the cryptocurrency directly because he did not want to upset investors who long bitcoin, Munger bluntly said, â€œI hate the bitcoin success.â€ He added, â€œThe whole damn development is disgusting and contrary to the interest of civilization.â€
Do you think Schwarzenegger should follow Buffettâ€™s strategy and stay away from bitcoin? Let us know in the comments section below.
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