Is Crypto ‘Sh*t’ and ‘Harmful’? This legendary billionaire investor is at it again
Berkshire Hathaway Vice Chairman Charlie Munger doesn’t really pull any punches when it comes to crypto. In fact, he’s been very vocal about it for a while. This billionaire just hates it.
Bitcoin is “disgusting” and “contrary to the interests of civilization,” the 97-year-old Munger said in May 2021.
“Obviously, I hate the bitcoin success,” he said during a Q&A at Berkshire’s annual shareholder meeting at the time.
It is now 2023 and the man has still shown no sign of failure in his attacks on crypto.
Berkshire Hathaway Vice Chairman Charlie Munger. Image: Paper Writer.
In his opinion, traditional currencies have helped make man “from a successful monkey to a successful human,” he said during the Daily Journal’s shareholder meeting in Los Angeles on Wednesday.
Is crypto a piece of shit?
Munger stressed that he is not proud of his country for allowing this “crap”.
“Well, I call it crypto sh*t. It’s worthless, it’s no good, it’s crazy, it will do nothing but harm, it’s antisocial to allow it,” Munger said during a live interview with the Daily Journal.
Munger, who has previously been criticized for complimenting the Chinese government, stated that the nation’s officials were right to ban cryptocurrency.
In September 2021, the People’s Bank of China banned all cryptocurrency transactions.
So much hate for crypto
Munger’s remarks echo a number of other statements he has made over the years, such as referring to cryptocurrencies as a “venereal disease” and Bitcoin as “probably rat poison squared.”
His fresh comments on Wednesday come as regulators around the world step up scrutiny of the cryptocurrency industry, following the meltdown of several prominent companies in 2022 that wiped out billions of dollars in investor money.
At the time of writing, the total cryptocurrency market capitalization was approximately $1.07 trillion, down from November 2021, when it passed $2.7 trillion.
Bitcoin (BTC) up 7.1%
At the time of writing, Bitcoin was trading at $24,575, up 7.1% in the past seven days, data from Coingecko shows.
After reaching all-time highs in 2021, the value of digital assets has plunged over the past year as the US Federal Reserve’s rate-raising efforts led investors to shun speculative market segments.
Munger has a net worth of $2.3 billion and is known as “The Oracle from Omaha” Warren Buffett’s right-hand man.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com
Idiots?
Together, Munger and Buffet have developed a highly successful investment mission based on spotting distressed companies with potential for long-term growth.
The current market value of Berkshire Hathaway exceeds $500 billion.
Munger has called for a ban on cryptocurrencies in the US, calling those who disagree with him “idiots”.
– Featured image from Medical News Today
