Crypto is a ‘venereal disease’ and should be banned: Charlie Munger


© Reuters

Investing.com – Charlie Munger, the former vice chairman of Berkshire Hathaway and Warren Buffet’s right-hand man, isn’t shy about his thoughts on cryptocurrencies: He hates them.

Speaking during a shareholder Q&A at the annual meeting of the Los Angeles-based Daily Journal Corporation news firm, the 98-year-old investment icon compared crypto to a sexually transmitted disease.

“I definitely didn’t invest in crypto. I’m proud of the fact that I avoided it. It’s like a venereal disease.”

Munger continued to express his contempt for (BTC) and other cryptocurrencies, adding, “I wish it had been banned immediately… I admire the Chinese for banning it. they were right and we were wrong to allow it.”

Munger and Buffet are no strangers to criticizing and downplaying the emergence of cryptocurrencies. Buffett once ridiculed bitcoin for being an asset that “creates nothing”; he called it a “squared rat poison” and said it was nothing more than an “illusion that attracts charlatans.”

Munger’s imaginative portrayal of cryptocurrencies does not appear to be reflected in Berkshire Hathaway’s new investment thesis, which softens its exposure to cryptocurrencies.

In a securities filing late Monday, Berkshire Hathaway revealed that it had increased its exposure to cryptocurrencies by buying $1 billion worth of shares in Nubank, Brazil’s largest fintech bank, which is popular among Brazilian crypto investors.

“Investment in Nubank can be seen as Buffett’s way of supporting the fintech and cryptocurrency world without backtracking on his past criticisms,” said Greg Waisman, co-founder and COO of the service. Mercuryo cryptocurrency wallet, adding that Berkshire now “indirectly supports the digital currency ecosystem.”

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