Bitcoin and Co.: Cryptos “are like a sexually transmitted disease”, according to the billionaire

Deepak Gupta February 18, 2022
Updated 2022/02/18 at 1:32 PM

have over the course of a decade cryptocurrencies again Bitcoin various fans gathered around him, but also a large number of critical voices. While on the one hand a veritable cult has developed around the digital assets, on the other hand they are compared to illnesses and other unsightly things. Experienced investor Charles “Charlie” Munger also thinks cryptos are “a mess”.

Cryptocurrencies: Munger is not a fan

With a total fortune today of more than two billion dollars, Munger is primarily active as vice chairman of the investment company Berkshire Hathaway. Does the name sound familiar to you? No wonder, after all, the holding company is managed by none other than the world-famous major investor Warren Buffett. Munger is considered his right-hand man.

At the annual meeting of the Daily Journal – where he is chairman and manager of the investment division – the lawyer sometimes spoke about Apple, Microsoft, Alphabet and other strong companies. But Munger also used the attention to rant about cryptocurrencies, particularly bitcoin.

“I’m proud of the fact that I avoided it. It’s like an STD or something,” Munger said when asked by a shareholder. He wanted to know if Munger would be willing to admit he missed something. “[Kryptowährungen] are under all sow. Some people see it as modern and welcome a currency useful in extortion, kidnapping, tax evasion and so on.”

crypto ban

Charlie Munger has been a harsh critic of Bitcoin and other cryptocurrencies for years. Recently he had described them as “rat poison” and claimed that they were “against the interests of civilization”. The reason for this is that cryptos would fuel criminal activities and are too risky to invest.

“I admire the Chinese for banning it. I think they were right and it was wrong of us to allow it,” Munger added. Swedish authorities are already demanding that the EU ban energy-intensive crypto mining.

Source: Bloomberg

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