Charlie Munger, veteran vice president of Berkshire Hathaway and Warren Buffett’s right-hand man, has no problem expressing his honest thoughts about cryptocurrency: he hates it.
Speaking at a question-and-answer session for shareholders at the Los Angeles-based Daily Journal Corporation’s annual meeting, the 98-year-old investment symbol compared cryptocurrencies to sexually transmitted diseases.
“I definitely did not invest in cryptocurrencies. I am proud to avoid them. It is like a venereal disease.”
Munger went on to express his disdain for Bitcoin (BTC) and other cryptocurrencies, adding, “I hope they get banned right away… I like the Chinese for banning them. I think they were right and we were wrong when we allowed it.”
Munger and Buffett are not used to criticizing and undermining the growth of cryptocurrencies. Buffett previously mocked bitcoin for being a resource that “creates nothing”; He called it a “rat poison box” and said it was nothing more than an “illusion that attracts charlatans.”
Munger’s creative portrayal of cryptocurrency does not appear to be reflected in Berkshire Hathaway’s new investment announcement, which mitigates the impact of cryptocurrencies.
At a stock exchange late Monday, Berkshire Hathaway said it had increased its crypto exposure by buying $1 billion worth of shares in Nubank, Brazil’s largest fintech bank, which is popular with Brazilian crypto investors.
“Investing in Nubank can be seen as Buffett’s way of supporting the fintech and cryptocurrency world without retracting his criticisms of the past,” said Greg Wiseman, co-founder and CEO of cryptocurrency wallet service Mercuryo, adding that Berkshire is now indirectly supporting the digital currency ecosystem. . ”
About it: Warren Buffett Doesn’t Want to Own Cryptocurrency
Crypto Twitter was quick to respond to Munger’s comments about the digital asset.
GmoneyNFT mocked Munger’s recent comments, citing 225,000 subscribers.
Although Cryptonator1337 targets Munger’s age, he tells his 35,000 followers that Munger may not be the best person to consult when it comes to new technologies.