Kevin Helms
An Austrian economics student, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
Everyone should avoid crypto “as if it were an open sewer, full of malicious organisms” – Featured Bitcoin News
Berkshire Hathaway’s deputy Charlie Munger, Warren Buffett’s right hand man, has a message for investors considering cryptocurrency. “Never touch it,” he stressed, adding that everyone should follow his example and avoid crypto “as if it were an open sewer, full of malicious organisms.”
Charlie Munger confirms his anti-crypto stance
Charlie Munger, Warren Buffett’s right-hand man and longtime business partner, threw several insults at cryptocurrency in an interview with The Australian Financial Review, published on Tuesday. Munger previously called bitcoin “rat poison” and said last year that he hated the success of BTC.
He noticed that “crypto-mania” is a “lot of nonsense,” he told the publication:
I think everyone who sells this is either delusional or evil. I do not want to touch the crypto.
The Berkshire chief continued: “I am not interested in undermining the national currencies of the world.”
Munger was then asked what advice he would give to other investors who might be considering investing in cryptocurrency. “Total avoidance is the right policy,” he replied, adding:
Never touch it. Never buy it. Let it go.
Like Buffett, Munger believes that stocks in real cash-generating companies are better investments. “Shares have a real interest in real companies,” he stressed.
In contrast, “Crypto is an investment in nothing, and the guy who’s trying to sell you an investment in nothing says, ‘I have a special kind of nothing that’s hard to make more out of,'” he described.
Munger stressed: “I do not want to buy a part of nothing, even if someone tells me that they can not make more out of it … I see it as almost insane to buy these things or to deal with it.” He elaborated:
I just avoid it as if it were an open sewer, full of malicious organisms. I just avoid and recommend everyone else to follow my example.
Munger has never been a fan of bitcoin or any other cryptocurrency. In February, he said the government should ban BTC, calling it a “venereal disease.” He has praised China several times before for banning crypto, stating that he wished cryptocurrency had never been invented. In May last year, he said that bitcoin was “disgusting and contrary to the interests of civilization.”
In May, Munger said: “I try to avoid things that are stupid and evil and make me look bad compared to someone else – and bitcoin does all three.” He added: “It’s stupid because it’s still likely to go to zero.”
What do you think of Berkshire Hathaway deputy Charlie Munger’s comments on crypto? Let us know in the comments section below.
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