Is Crypto ‘Sh*t’ And ‘Harmful’? This Legendary Billionaire Investor Is At It Again

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Berkshire Hathaway Vice Chairman Charlie Munger doesn’t really pull any punches when it comes to crypto. In fact, he has been very vocal about it for some time. This billionaire just hates it.

Bitcoin is “disgusting” and “contrary to the interests of civilization,” the 97-year-old Munger said in May 2021.

“Of course I hate the bitcoin success,” he said during a Q&A at Berkshire’s annual shareholder meeting that time.

It’s now 2023 and the man still hasn’t shown any signs of let-up in his attacks on crypto.

 Berkshire Hathaway Vice Chairman Charlie Munger. Image: Paper Writer.

In his opinion, traditional currencies have helped turn man “from a successful ape to a successful human,” he said during the Daily Journal’s shareholder meeting in Los Angeles on Wednesday.

Is Crypto A Piece Of Crap?

Munger emphasized that he’s 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’ll do nothing but harm, it’s antisocial to allow it,” Munger said during a live-streamed interview for the Daily Journal.

Munger, who has been criticized in the past for complimenting the Chinese government, stated that the nation’s officials were correct to prohibit cryptocurrency.

In September 2021, the People’s Bank of China banned all cryptocurrency transactions.

So Much Hate For Crypto

Munger’s remarks reflect numerous 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 remarks on Wednesday come as regulators around the world ramp up their monitoring of the cryptocurrency industry, following the meltdown of several prominent companies in 2022, which wiped out billions of dollars in investor money.

At the time of writing, the overall market capitalization of cryptocurrencies was roughly $1.07 trillion, a decrease from November 2021, when it surpassed $2.7 trillion.

Bitcoin (BTC) Up 7.1%

At the time of writing, Bitcoin was trading at $24,575, up 7.1% in the last seven days, data from Coingecko shows.

After reaching all-time highs in 2021, the value of digital assets has plummeted over the past year as the US Federal Reserve’s interest rate-hiking effort led investors to avoid speculative market segments.

Munger has a net worth of $2.3 billion and is renowned for being “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 investing thesis based on discovering distressed companies with the potential for long-term growth.

The current market capitalization of Berkshire Hathaway exceeds $500 billion.

Munger has advocated for a ban on cryptocurrencies in the United States and referred to those who disagree with him as “idiots.”

-Featured image from Medical News Today



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