Crypto is like ‘venereal disease’ and should be banned: Charlie Munger

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Char­lie Munger, the ancient vice chair­man of Berk­shire Hath­away and War­ren Buffet’s right hand man, has no issue with pro­vid­ing his hon­est thoughts on cryp­tocur­ren­cy: He hates it. 

Speak­ing at a shareholder’s Q&A ses­sion at the annu­al meet­ing for LA-based news­pa­per com­pa­ny, Dai­ly Jour­nal Corp, the 98-year-old invest­ing icon likened cryp­to to a sex­u­al­ly trans­mit­ted disease.

“I cer­tain­ly did­n’t invest in cryp­to. I’m proud of the fact that I avoid­ed it. It’s like some vene­re­al disease.”

Munger con­tin­ued to express his con­tempt for Bit­coin and oth­er cryp­tocur­ren­cies, adding, “I wish it had been banned imme­di­ate­ly… I admire the Chi­nese for ban­ning it. I think they were right and we were wrong to allow it.”

Munger and Buf­fet are no strangers to crit­i­ciz­ing and down­play­ing the emer­gence of cryp­tocur­ren­cy. Buf­fett has pre­vi­ous­ly ridiculed Bit­coin for being an asset that “does not cre­ate any­thing,” he’s called it “rat poi­son squared” and said that it is noth­ing more than a “delu­sion that attracts char­la­tans”.

Munger’s imag­i­na­tive depic­tion of cryp­tocur­ren­cy do not seem to be reflect­ed in the new invest­ment the­sis of Berk­shire Hath­away, which is soft­en­ing up on its expo­sure to cryptocurrency. 

In a secu­ri­ties fil­ing late Feb. 14, Berk­shire Hath­away dis­closed that it had increased its expo­sure to cryp­tocur­ren­cy by pur­chas­ing $1 bil­lion worth of Nubank stock, Brazil’s largest fin­tech bank which is pop­u­lar amongst Brazil’s cryp­to investors.

“The Nubank invest­ment can be tagged as Buf­fet­t’s way of sup­port­ing the fintech/crypto world with­out tak­ing back his crit­i­cisms of the past,” assert­ed Greg Wais­man, co-founder and chief oper­at­ing offi­cer of cryp­to wal­let ser­vice Mer­curyo, adding that Berk­shire is now back­ing the “dig­i­tal cur­ren­cy ecosys­tem indirectly.”

Relat­ed: War­ren Buf­fett Doesn’t Want to Own any Cryptocurrency

Cryp­to Twit­ter has been quick to respond to Munger’s com­ments on dig­i­tal assets. 

@gmoneyNFT called out the irony in Munger’s recent remarks point blank to their 225,000 followers:

While @cryptonator1337 took aim at Munger’s age, stat­ing to his 35k fol­low­ers that Munger may not be the best per­son to con­sult when it comes to new technology.



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