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MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Bitcoin will not become a global medium of exchange, says Charlie Munger

Billionaire investor and Berkshire Hathaway vice-chairman Charlie Munger has once again dismissed the value proposition of Bitcoin.

Like Berkshire Hathaway chairman Warren Buffett, the 97-year-old Munger is a known critic of Bitcoin (BTC).

Addressing the 2021 Daily Journal annual meeting with shareholders organized by Yahoo Finance on Wednesday, Munger again espoused some negative sentiments about the largest cryptocurrency by market capitalization.

Fielding questions from shareholders concerning Bitcoin, Munger stated:

“I don’t think Bitcoin is going to end up [being] a medium exchange for the world. It’s too volatile to serve well as a medium of exchange.”

Compared to Munger’s previous comments about Bitcoin, his remarks during the meeting appeared watered down. Indeed, Munger once said that Bitcoin investors were celebrating the life and work of Judas Iscariot.

During the 2018 edition of the Daily Journal annual meeting, Munger characterized cryptocurrencies as “totally asinine,” and called professional crypto traders “disgusting.”

At Berkshire Hathaway’s annual meeting in 2018, Munger likened the crypto market to “trading turds.” At that same event, Buffett would render his infamous “rat poison-squared remark” for Bitcoin.

With development work on scaling solutions like Lightning Network and sidechains still in progress, the jury is still out of whether BTC will ever function efficiently as a medium of exchange.

However, the case of Bitcoin as a store of value appears significantly stronger despite assertions to the contrary by critics like Nouriel Roubini and goldbug Peter Schiff. Munger also touched on BTC being like gold on Wednesday, adding:

“It’s really kind of an artificial substitute for gold and since I never buy any gold, I never buy any Bitcoin, and I recommend other people follow my practice.”

The Berkshire Hathaway vice chairman did not waste the opportunity to drop an anti-Bitcoin soundbite, quoting Irish poet and playwright Oscar Wilde by comparing BTC to fox hunting. “It’s like what Oscar Wilde said on fox hunting: the pursuit of the uneatable by the unspeakable,” Munger quipped.

Buffett’s right-hand man also dismissed the idea of the Daily Journal emulating companies like Tesla in adding Bitcoin to its balance sheet.

As part of his comments at the event, Munger also waxed lyrical about mainstream finance saying that “a properly run bank is a great contributor to civilization.”

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