Berkshire’s Charlie Munger Says ‘Ridiculous’ That Anyone Would Buy Crypto – ‘It’s An Absolute Horror’ – Featured Bitcoin News

Warren Buffett’s right-hand man and vice-chairman of Berkshire Hathaway, Charlie Munger, says that people who are against banning cryptocurrencies are “idiots”, adding that it is “just ridiculous” that anyone would buy crypto. He also compared replacing national currencies to replacing air, stating that “It’s enormously stupid.”

Berkshire deputy chairman Charlie Munger says replacing national currencies is like replacing air

Berkshire Hathaway Vice Chairman Charlie Munger continued his insults against cryptocurrency and its supporters Wednesday during a live interview with CNBC at the Daily Journal’s annual shareholder meeting.

Referring to his recent opinion piece in the Wall Street Journal that cryptocurrency should be banned, the 99-year-old leader insisted that there is no “rational” argument against his position to ban crypto. He meant:

I think those who oppose my position are idiots… It’s just ridiculous that anyone would buy this.

“You can hardly think of anything on earth that has done more good for mankind than currency – national currencies. They were absolutely required to turn man from a cursed successful ape into modern successful people and human civilization, because they made possible all these practical exchanges ,” Munger described and elaborates:

So if someone says I’m going to make something that kind of replaces the national currency, that’s like saying I’m going to replace the national air… that’s hugely stupid.

“And of course it’s very dangerous, and of course the authorities were completely wrong to allow it, and of course I’m not proud of my country for allowing this shit,” he stressed. “It is worthless, it is not good, it is madness, it will do nothing but harm, it is antisocial to allow it.”

The Berkshire boss continued: “The guy who made the right decision on this is the Chinese leader. The Chinese leader took a look at crypto and he says “not in my China,” and boom… there is no crypto in China. He’s right and we’re wrong.”

While he believes one should be able to make the case both for and against a particular topic, the Berkshire vice chairman said crypto is an exception. “When you’re dealing with something as horrible as cryptos*** … There’s only one right answer for intelligent people – just avoid it and avoid all the people who promote it.” He emphasized:

It’s just unspeakable, it’s an absolute horror and I’m ashamed of my country that so many people believe this kind of crap and the government allows it to exist.

“It’s absolutely, absolutely, crazy, stupid gambling with huge house odds for people on the other side and they’re cheating … It’s just crazy,” he concluded.

Munger has dabbled in cryptocurrency many times in the past. He previously called BTC “rat poison” and compared crypto trading to “trading with sissies.”

The Berkshire CEO said in 2021 that he wished crypto had never been invented and praised China for banning cryptocurrencies. He also called bitcoin “disgusting and contrary to the interest of civilization.” Last February, he called on the government to ban bitcoin, calling crypto a “venereal disease.” In July, he advised everyone to avoid crypto as if it were an “open sewer, full of malicious organisms.”

Do you think Berkshire VP Charlie Munger will ever change his mind about crypto? Let us know in the comments section below.

Kevin Helms

A student of Austrian economics, 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 finance and cryptography.