Warren Buffett Close Aide Charlie Munger Mentions Crypto As A Venereal Disease

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Dur­ing the annu­al gen­er­al meet­ing of Dai­ly Jour­nal Cor­po­ra­tion, a news pub­lish­ing and tech­nol­o­gy provider com­pa­ny owned by Char­lie Munger, Vice-Pres­i­dent of Berk­shire Hath­away, he said that he wished cryp­tocur­ren­cies had nev­er been invent­ed. He also said in the said meet­ing that “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.”

In the past, too, he was seen prais­ing the Chi­nese gov­ern­ment for their deci­sion to ban cryp­tocur­ren­cies and their relat­ed activ­i­ties ful­ly ear­li­er in 2021. He also called out to the US gov­ern­ment to sim­i­lar­ly ban cryp­tocur­ren­cies too. He was quot­ed as say­ing in the annu­al gen­er­al meet­ing, which was broad­cast­ed by Yahoo Finance, “Cer­tain­ly the great short squeeze in GameStop was wretched excess, cer­tain­ly the Bit­coin thing is wretched excess.”

He had pre­vi­ous­ly said in a report by Aus­tralian Finan­cial Review that “Believe me, the peo­ple who are get­ting into cryp­tocur­ren­cies are not think­ing about the cus­tomer, they’re think­ing about them­selves. I want to make my mon­ey by sell­ing peo­ple things that are good for them, not things that are bad for them.”

War­ren Buf­fett, CEO of Berk­shire Hath­away, pre­vi­ous­ly had called Bit­coin and oth­er cryp­tocur­ren­cies “rat poi­son” and also said that they have no val­ue at all. He said that he believes in invest­ing in those com­pa­nies and assets that he under­stands and has a viable future. So he does not under­stand Bit­coin and oth­er cryp­tocur­ren­cies hence he refrained from invest­ing in them, he said in a CNBC inter­view a few years back.

But despite War­ren Buf­fett and Char­lie Munger’s Mutu­al hatred towards cryp­tocur­ren­cies, their com­pa­ny Berk­shire Hath­away invest­ed $500 mil­lion in Brazil­ian neo bank ‘Nu Bank’ in 2021. Now this year, they have dou­bled their stake by invest­ing $1 bil­lion in Nu Bank and at the same time sold part of their stake worth $3 bil­lion in Visa Inc and Mas­ter­card Inc, report­ed fortune.com. Nu Bank is a neo bank that offers sav­ings and invest­ment prod­ucts to its cus­tomers. But they also offer their cus­tomers access to bit­coin ETF invest­ments via their sub­sidiary NuIn­vest, some­thing which both War­ren Buf­fet and Char­lie Munger oppose, yet they invest­ed such sums of mon­ey in this Brazil­ian bank.



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