Charlie Munger delivered a harsh critique of cryptocurrency in one of his last interviews before his death at the age of 99 last week. In an episode of the “Invest Like The Best” podcast featuring Stripe’s Cofounder and president John Collison, Munger, Warren Buffett’s right-hand man and vice-chairman of Berkshire Hathaway for nearly five decades, called bitcoins and other digital tokens worthless, deplorable and wished that they be banned. He stated that technology is not used as a means of storing wealth but as an alternative to it, and deemed crypto a “scumball activity.”
Munger also said that it was a “huge mistake” for Sequoia Capital—the legendary venture capitalists—to invest in Robinhood, a trading app that embraces crypto. He described it as “totally crazy” and “some goddamn crypto”. He has railed many times against crypto, calling it “rat poison”, a “venereal disease”, an “open sewer” and an “absolute horror”.
Despite Munger’s harsh words, the price of bitcoin (the most popular crypto) has erased its losses this year and traded above $44,000—its highest level in more than 18 months.
