Berkshire Hathaway Vice Chairman Charlie Munger wishes Warren Buffett’s right-hand man to ban cryptocurrency immediately. He says the government made a “fatal mistake” to allow cryptocurrencies, such as bitcoin. “It’s like a venereal disease,” he said.
“It was a huge mistake” to allow cryptocurrencies at all, says Charlie Munger
Warren Buffett’s right-hand man and longtime business partner Charlie Munger spoke about bitcoin and cryptocurrency Wednesday in an interview with Yahoo Finance ahead of the Daily Journal’s annual shareholder meeting, where he serves as chairman.
Munger previously called Bitcoin “rat poison” and last year said it was hate success of cryptocurrency. He was asked if he was surprised that bitcoin has become more popular since then.
Berkshire Hathaway Vice President replied, “If you stop to think about it, this is the perfect coin if you want to commit extortion, or kidnapping, or have a protection racket or something.”
He added, “Why would a civilized government want perfect, untraceable technology to go into the payment system run by a group of people who want to get rich quick because they do so little for civilization. Of course, I hate it.” Munger explained:
I don’t think it’s a good idea for our country to go crazy with bitcoin and the like. I think the Chinese Communists were wiser than us. They just banned it.
He was also asked if he had any predictions about what would happen to cryptocurrencies in the US
He replied, “No.” “I left a bad genie out of the bottle, and God knows what happens.” The Berkshire CEO saw:
It was a huge mistake to allow this at all.
Munger proceeded to comment on the regulation of cryptography. “The fact of the matter is our regulatory body when they resign from government, they are out into this very promotional capitalism, so it is very difficult to get the government to make good and wise decisions about something like bitcoin.”
At the Daily Journal meeting, Munger repeated: “I hope so [crypto] It was immediately banned, and I admire the Chinese for banning it.” He continued:
I definitely have not invested in cryptocurrency. I’m proud of the fact that I avoided it. It’s like a venereal disease or something. I just take it in contempt.
Munger’s comments mirror his previous comments about bitcoin and other cryptocurrencies. he He said In December of last year: “I would never buy cryptocurrency. I wish they had never been invented.”
What do you think of Charlie Munger’s comments about Bitcoin and cryptocurrency? Let us know in the comments section below.
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