Charlie Munger doesn’t seem to be a big fan of cryptocurrency.
‘Sometimes it’s cryptocrappo, and other times it’s, well, cryptoshit,” the billionaire investor stated during Daily Journal’s annual meeting, which was broadcast live by CNBC.
Munger, 99 is Warren Buffett’s business partner. He also serves as vice-chairman for Berkshire Hathaway. They transformed Berkshire into one the most valuable corporations in the world by purchasing businesses like Geico and Candies and large stakes in Coca-Cola and American Express.
Munger is a Daily Journal director and manages the newspaper’s investment portfolio. Munger dismissed any possibility of being wrong about bitcoin, ether and dogecoin.
He said, “I believe the people who oppose my position is stupid,”
Munger, who lists Costco and Tesla-rival BYD as his most proud investments, didn’t hesitate to invest in crypto.
He said, “It’s not even slightly dumb, it’s hugely stupid,” It’s useless, it’s not good, it’s insane, it will do no harm, and it is antisocial to permit it.
“It’s just unimaginable, it’s an absolutely horrible, and I’m ashamed for my country that so many people believe this type of crap and that it can exist,’ he said. It is completely, absolutely, insane gambling with huge house odds for those on the other side.
Munger recommended that crypto and people who promote it be avoided. Munger also emphasized the crucial role fiat currencies played in modern human civilization’s development. He mocked the idea of replacing national currencies with crypto and said it was futile.
Munger decried the cryptocurrency market as unregulated and predatory earlier in the month. He previously compared crypto with ‘HT0_ rat poison and a HT1_ venereal illness and an HT2_ open sewer . He also said that he would not want anyone who is involved in it to marry into his family.