Berkshire Hathaway VP Charlie Munger, Warren Buffett’s right-hand man, wants the crypto banned immediately. He says the government made “a huge mistake” in allowing cryptocurrencies, like bitcoin. “It’s like a venereal disease,” he said.
Charlie Munger Says “It Was A Huge Mistake” To Allow Crypto At All
Charlie Munger, Warren Buffett’s right-hand man and longtime business partner, spoke about bitcoin and cryptocurrency on Wednesday in an interview with Yahoo Finance ahead of the annual shareholder meeting at The Daily Journal, where he is chairman.
Munger has previously called bitcoin a “rat’s death” and said last year that he hated the success of the cryptocurrency. He was asked if he was surprised that bitcoin has become even more mainstream since then.
Berkshire Hathaway’s vice president replied, “If you stop to think about it, it’s an ideal currency if you want to commit extortion, kidnapping, or have a protection racket or something like that.”
He added, “Why would any civilized government want an unobtainable ideal technology to enter the payment system run by a group of people who want to get rich quick for doing very little for civilization. Of course, I hate that. Munger clarified:
I don’t think it’s good that our country is going crazy for bitcoin and the like. I think the Communist Chinese were wiser than us. They just banned it.
He was also asked if he had any predictions for what will happen with crypto in the US.
“No,” he replied. “You let an evil genie out of a bottle, God knows what’s going on.” The Berkshire executive said:
It was a huge mistake to allow it.
Munger then commented on crypto regulations. “The truth is that our regulatory establishment when they leave the government, they get into this heavily promotional capitalism and so it’s very difficult to get the government to make good, wise decisions on something like bitcoin.”
At the Daily Journal meeting, Munger reiterated: “I wish he [crypto] was banned immediately, and I admire the Chinese for banning it. He continued:
I certainly haven’t invested in crypto. I’m proud of the fact that I avoided it. It’s like a venereal disease or something. I just regard him as under contempt.
Munger’s statements echo his previous comments on bitcoin and other cryptocurrencies. He said in December last year: “I will never buy cryptocurrency. I wish they had never been invented.
He also advised other investors never to buy BTC. In May, he said, “All this fucking development is disgusting and against the interests of civilization.
What do you think of Charlie Munger’s comments on bitcoin and crypto? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.