Charlie Munger, who has called for a ban on cryptocurrencies in the US, slammed digital assets again on Wednesday and had one word for those who oppose his stance on the asset class:
“Sometimes I call it crypto crappo, sometimes I call it crypto sh—. It’s just ridiculous that anyone would buy this,” Munger said at the Daily Journal Corp.’s annual shareholder meeting. Wednesday. “I’m not proud of my country for allowing this shit,” Munger added.
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Charlie Munger, who has called for a ban on cryptocurrencies in the US, slammed digital assets again on Wednesday and had one word for those who oppose his stance on the asset class:
“Sometimes I call it crypto crappo, sometimes I call it crypto sh—. It’s just ridiculous that anyone would buy this,” Munger said at the Daily Journal Corp.’s annual shareholder meeting. Wednesday. “I’m not proud of my country for allowing this shit,” Munger added.
A cryptocurrency is “worthless,” he said, adding: “It’s not good. It’s wild. It does nothing but harm, and it is antisocial.”
Munger is a shareholder and board member of the Daily Journal, and resigned as chairman of the Los Angeles-based newspaper company last year. Munger is, of course, best known as deputy chairman of Berkshire Hathaway Inc.
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where he is often seen as Warren Buffett’s right-hand man.
Munger’s latest comments come as global regulators increase oversight of the crypto category, following the collapse of several major companies last year that led to billions of dollars in losses for investors.
Bitcoin
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rose more than 8% on Wednesday to $24,000-plus, though it remains 65% lower than its all-time high in 2021, according to CoinDesk data.
Earlier this month, Munger wrote that crypto is “not a currency, not a commodity, and not a security,” in an article in the Wall Street Journal. “It is a gambling contract with almost 100% advantage to the house, entered into in a country where gambling contracts are traditionally only regulated by states that compete in laxity.”
In his latest comments, Munger said he doesn’t think there are any good arguments against his stance on digital assets. “I think people who oppose my positions are idiots,” he said.
