Crypto is like ‘venereal disease’ and should be banned: Charlie Munger

Charlie Munger, Warren Buffet’s vice chairman and ancient vice chair of Berkshire Hathaway, is not afraid to share his thoughts on cryptocurrency.

At the annual meeting of LA-based newspaper company Daily Journal Corp, a shareholder Q&A session was held. The 98-year old investing icon compared crypto to a sexually transmitted illness.

“I didn’t invest any crypto. It’s something I am proud of. It’s almost like a venereal disease.

Munger continued to voice his disapproval for Bitcoin and other cryptocurrency, adding that “I wish it was banned immediately… I admire China for banning it.” They were correct and we were wrong to permit it.”

Buffet and Munger are not strangers to critiquing and downplaying cryptocurrency’s emergence. Buffett ridiculed Bitcoin as an asset that “doesn’t create anything”, he called it “rat poison squared” before claiming that it was nothing but a “delusion which attracts charlatans”.

Munger’s fantasies about cryptocurrency are not reflected in Berkshire Hathaway’s new investment thesis, which is softening its exposure to it.

Late February 14th, Berkshire Hathaway filed a securities filing revealing that it had purchased $1 billion of Nubank stock in Brazil. Nubank is Brazil’s largest fintech bank and is highly regarded by crypto investors.

“The Nubank investment could be tagged as Buffett’s way to support the fintech/crypto industry without taking back his critics from the past,” stated Greg Waisman (co-founder and chief operating office of Mercuryo’s crypto wallet service Mercuryo), adding that Berkshire is now supporting the “digital currency ecosystem indirect.”

Related: Warren Buffett doesn’t want to own any cryptocurrencies

Crypto Twitter quickly responded to Munger’s comments about digital assets.

@gmoneyNFT pointed out the irony of Munger’s recent comments point blank to their 225,000 followers:

Charlie Munger: Fiat currencies will go to zero. Charlie Munger also: Cryptocurrency is like a venereal disease. It’s something I am proud of. pic.twitter.com/ua85ubdy35
— gmoney.eth, February 17, 2022 (@gmoneyNFT).

@cryptonator1337 made fun of Munger’s age by stating to his 35k fans that Munger might not be the best person for new technology advice.

Munger was born in 1924… Lenin was killed.. The Ottoman Empire was destroyed.. Disney created the first cartoon.. The first radio broadcast by the US president was made in New York State.. But let’s not forget to listen to him talk about #Bitcoin.
— CR1337 (@cryptonator1337) February 16, 20,22

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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