• Charlie Munger, Vice Chairman of Berkshire Hathaway, has criticized cryptocurrencies yet again.
• During an interview with CNBC, he called people who oppose banning crypto “idiots” and described the concept of replacing national currencies as „massively stupid“.
• Munger praised China for its handling of cryptocurrencies.
Charlie Munger Criticizes Cryptocurrencies
Vice chairman of Berkshire Hathaway, Charlie Munger, has yet again voiced his disdain for cryptocurrencies. During an interview with CNBC, Munger said people who oppose banning crypto are „idiots“ and described the concept of replacing national currencies as „massively stupid“.
Munger Urges US Government to Ban Crypto
Earlier this month, Munger published an opinion piece in the Wall Street Journal urging the United States government to follow China’s example and ban cryptocurrencies. He likened crypto to a „gambling contract“ and argued that there is no rational argument against his view of banning crypto.
Munger’s Insults Towards Opponents
Mr. Munger took his insults a step further and said,“replacing national currencies is like replacing air… it’s massively stupid.“ He stressed that it is a hazardous concept, and governments were wholly wrong to allow it. Adding: I’m not proud of my country for allowing this crap.
Praise For China’s Approach to Crypto
After leveling criticism against his own government, Munger praised China for its handling of cryptocurrencies by saying: The guy who made the correct decision on this is the Chinese leader. The Chinese leader took one look at crypto, and he says, ’not in my Chin‘.
In conclusion, Charlie Munger has been vocal about his opposition to cryptocurrency in recent months and appears unlikely to change his stance anytime soon. Despite this opposition though, cryptocurrency remains popular among investors around the world as they continue to find value in these digital assets despite their volatile nature