Charlie Munger, a billionaire investor and the Vice Chairman of Berkshire Hathaway, recently voiced his disapproval of cryptocurrencies, characterizing them as “massively stupid” and “ridiculous” when speaking at the Annual Shareholders Meeting of the Daily Journal Corporation.
Charlie Munger, who acts as Warren Buffett’s right-hand man, brushed off any arguments that could be made against his stance on cryptocurrencies by asserting that anybody who disagrees with his views is an “idiot.” He referred to cryptocurrencies as “cryptocrapo” and “cryptocrabble,” and he questioned why anyone would buy them given that they are “worthless” and “no good.”
A Blanket Ban on Digital Assets
Munger voiced his concern about the decision made by the government to permit cryptocurrency and asserted that this move will result in nothing but negative consequences and is anti-social. Even more shocking, he went so far as to say that the Chinese leader who had cryptocurrencies banned was “correct.” The investor has lauded the Chinese Communist Party on multiple occasions for their severe stance toward cryptocurrencies.
Munger asserted that the opposing view does not have a valid argument, and that reasonable individuals ought to steer clear of all those who advocate for it. Recently, the vice chairman of the multinational conglomerate holding company Berkshire Hathaway, which has its headquarters in Omaha, published an opinion piece in the Wall Street Journal in which he claims that the United States government ought to enforce a blanket ban on digital assets.
The notable investor is of the opinion that crypto is nothing more than “a gambling contract,” and not a security or commodity. Munger has, for a considerable amount of time, maintained a position of steadfast opposition toward the leading cryptocurrency Bitcoin. In the year 2022, he predicted that the value of the bellwether digital asset would most likely be completely wiped out. The investor used to make comparisons between crypto and venereal diseases in the past.
