Berkshire Hathaway Vice Chairman Charlie Munger has no kind words for those who are in favor of cryptocurrency. Calling them idiots, he said it’s “ridiculous” for anyone to buy it and compared it to exchanging air for national currency.
Berkshire Vice President Charlie Munger Views Cryptocurrency as an Unwise Exchange
Berkshire Hathaway Vice President Charlie Munger had some harsh words for cryptocurrency during Wednesday’s CNBC on the Daily Journal’s Annual shareholder meeting.
In reference to his recent Wall Street Journal opinion piece advocating for a ban on cryptocurrency, the 99-year-old executive argued there is no rational argument in favor of cryptocurrency and stated:
I think the people who oppose my position are idiots… It’s just ridiculous.
“You can’t think of anything on Earth that has done more good for the human race than currency, national currencies. They were absolutely necessary to turn man from a successful fucking ape into successful modern humans and a human civilization, because they allowed all these convenient exchanges,” Munger explained, adding:
So if someone says that I’m going to create one thing, you need to exchange the national currency. It’s like saying that I’m going to exchange the national air…it is an enormous nonsense.
“And of course, it’s very dangerous, and of course, the governments were totally wrong to allow it, and of course, I’m not proud of my country for allowing this crap,” he continued. “It’s useless, it’s not good, it’s crazy, it will do nothing but harm, it’s antisocial to allow it.”
The Berkshire executive then went on to praise the Chinese government for their ban on cryptocurrencies. “The Chinese chief took a look at cryptocurrency and said ‘not in my backyard.’ There are no cryptocurrencies in China. He was right and it is true,” he said.
While Munger believes it is important to be able to argue for and against a specific challenge, he said that cryptocurrencies were an exception. “When you’re up against something as horrible as crypto… There’s only one right answer for smart people: just avoid it completely and avoid all the people who promote it,” he emphasized.
It’s It is simply unimaginable. I’m It is a shame for my country that this type of rubbish is accepted by the government.
“It’s a totally, absolutely, crazy, stupid bet with huge house odds for the people on the other side, and they cheat… It’s just crazy,” he concluded.
Munger has criticized cryptocurrency on many occasions. He previously called BTC “rat poison” and compared buying and selling cryptocurrency to “trading excrement.” In 2021, he declared he wishes cryptocurrencies hadn’t been invented. In February he urged the government to ban Bitcoin in the same year. In July he advised everyone to avoid crypto as an investment.
Do you think Berkshire VP Charlie Munger will ever change his mind about crypto? Let us know via the comments section.
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