Munger, known for his sharp tongue and unfiltered opinions, was quick to criticize cryptocurrencies, saying they “do nothing but harm.”
Charlie Munger, billionaire investor and vice chairman of Berkshire Hathaway criticized cryptocurrencies, calling them “massively stupid” and “ridiculous” at the annual meeting of shareholders of the Daily Journal Corporation.
Munger dismissed all arguments against his stance on cryptocurrencies, saying people who oppose his stance are “idiots.”
He called the cryptocurrency “cryptocrapo” and “cryptoccrabble”, and wondered why anyone would buy it, as it is “worthless” and “not good”.
Munger expressed concern about the government’s decision to allow cryptocurrencies and claimed it would only do harm and was anti-social.
He even said that the Chinese leader, who banned cryptocurrencies, was “right”. The investor has repeatedly praised the Chinese Communist Party for its tough stance on cryptocurrencies.
Munger claimed there is no good argument on the other side and smart people should avoid anyone promoting it.
As reported by U.Today, the vice chairman of multinational conglomerate holding company Berkshire Hathaway, headquartered in Omaha, recently published a Wall Street Journal op-ed, in which he argues that the United States should impose a blanket ban on digital assets.
The prominent investor is convinced that cryptocurrency is just a “gambling contract”, not a security or a commodity.
Munger has long been a vocal critic of the flagship cryptocurrency. In 2022, he said the flagship digital asset was at risk of losing all of its value. In the past, the investor has also drawn parallels between crypto and venereal disease.