Berkshire Hathaway Vice Chairman Charlie Munger, Warren Buffett’s right-hand man, needs crypto can be banned instantly. He says the federal government made “a huge mistake” to permit cryptocurrencies, like bitcoin. “It’s like a venereal disease,” he opined.
Charlie Munger Says ‘It Was a Huge Mistake’ to Allow Crypto at All
Charlie Munger, Warren Buffett’s right-hand man and longtime business associate, talked about bitcoin and cryptocurrency Wednesday in an interview with Yahoo Finance forward of the annual shareholders meeting on the Daily Journal, the place he serves as chairman.
Munger beforehand referred to as bitcoin “rat poison” and stated final year that he hated the success of the cryptocurrency. He was requested if he’s stunned that bitcoin has gotten much more mainstream since then.
The Berkshire Hathaway vice chairman replied: “If you stop to think about it, it’s an ideal currency if you want to commit extortion, or kidnapping, or have a protection racket or something.”
He added: “Why should a civilized government want an ideal untraceable technology to come into the payment system run by a bunch of people who want to get rich quick for doing very little for civilization. Of course, I hate it.” Munger elaborated:
I don’t assume it’s good that our nation goes loopy over bitcoin and its ilk. I believe the Communist Chinese had been wiser than we had been. They simply banned it.
He was additionally requested if he had any predictions on what’s going to occur with crypto within the U.S.
“No,” he replied. “You let a bad genie out of a bottle, God knows what happens.” The Berkshire govt opined:
It was an enormous mistake to permit it in any respect.
Munger proceeded to touch upon crypto regulation. “The truth of the matter is our regulatory establishment when they quit the government, they go out into this heavily promotional capitalism and so it’s very hard to get the government to make good, wise decisions about something like bitcoin.”
At the Daily Journal meeting, Munger reiterated: “I wish it [crypto] had been banned immediately, and I admire the Chinese for banning it.” He continued:
I definitely didn’t spend money on crypto. I’m pleased with the actual fact I’ve averted it. It’s like a venereal illness or one thing. I simply regard it as beneath contempt.
Munger’s statements echo his earlier feedback about bitcoin and different cryptocurrencies. He stated in December final year: “I’m never going to buy a cryptocurrency. I wish they’d never been invented.”
He additionally suggested different traders to by no means buy BTC. In May, he stated: “The whole damn development is disgusting and contrary to the interest of civilization.”
What do you consider Charlie Munger’s feedback about bitcoin and crypto? Let us know within the feedback part under.
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