Charlie Munger, Warren Buffett’s right-hand man and vice chairman of Berkshire Hathaway, said those who oppose a ban on cryptocurrencies are “stupid” and that anyone buying crypto is ridiculous,” he added. He also likened replacing a national currency to replacing the air, saying “it’s massively stupid.”
Berkshire Vice Chairman Charlie Munger said that replacing a national currency is like replacing air
Berkshire Hathaway Vice Chairman Charlie Munger continued his insults against cryptocurrencies and their supporters in a live-streamed interview with CNBC at the Daily Journal’s annual shareholder meeting Wednesday.
Referring to his recent opinion piece in the Wall Street Journal stating that cryptocurrencies should be banned, the 99-year-old executive argued that there is no “reasonable” argument against his position to ban crypto. He opined.
I think people who disagree with my position are idiots … It is just ridiculous that anyone would buy something like this …
“Nothing on earth has served mankind better than currency… a national currency. Currency was absolutely necessary to transform man from a successful ape to a successful modern man and civilization.”
So if someone says let’s create a replacement for national currency, that’s like saying let’s create a replacement for national air … that’s a very stupid thing to do.
“And of course it is very dangerous, of course the government was completely wrong to allow it, and of course I am not proud of my country for allowing this crap,” he stressed.” It’s worthless, it’s no good, it’s wrong, it’s only harmful, it’s anti-social to allow it.”
The Berkshire executive continued, ” It was the Chinese leadership that made the right decision on this matter. The Chinese leader took one look at the cipher, he said, “Not in my China,” and boom … There is no cipher in China. He is right and we are wrong.”
Although he believes that one should be able to state arguments both for and against a particular subject, the Berkshire vice president said that crypto is an exception.” When dealing with something as awful as cryptography … There is only one right answer for intelligent people – just avoid it altogether and avoid all those who are promoting it.” He emphasizes.
It is unspeakable, absolute horror. Many people believe this nonsense and are ashamed of this country whose government allows it to exist.
“It’s completely, absolutely, crazy, stupid gambling, with huge house odds against people on the other side, and they cheat … It’s just crazy,” he concludes.
Munger has condemned cryptocurrencies many times.