Charlie Munger, vice chairman of Berkshire Hathaway, continued to disparage Bitcoin and those who support it during a live interview with CNBC on Wednesday at the Daily Journal’s annual shareholders meeting.
Charlie Munger, the vice chairman of Berkshire Hathaway and the right-hand man of Warren Buffett, calls those who support outlawing cryptocurrencies “idiots” and adds that it is “simply ludicrous” that anyone would purchase cryptocurrency. He also said that changing national currencies is “massively stupid,” comparing it to replacing air.
The 99-year-old businessman argued there is no “rational” argument against his position that bitcoin should be prohibited, citing his latest opinion piece in the Wall Street Journal. He stated:
“I think the people that oppose my position are idiots … It’s just ridiculous that anybody would buy this stuff.”
“You can think of hardly nothing on Earth that’s done more good to the human race than currency — national currencies. They were absolutely required to turn man from a goddamn successful ape into modern successful humans and human civilization, because they enabled all these convenient exchanges,” Munger described, elaborating:
“So if anybody says I’m going to create something that sort of replaces the national currency, it’s like saying I’m going to replace the national air … it’s massively stupid.”
“And of course, it’s very dangerous, and of course, the governments were totally wrong to permit it, and of course, I’m not proud of my country for allowing this crap,” he stressed. “It’s worthless, it’s no good, it’s crazy, it’ll do nothing but harm, it’s antisocial to allow it.”
The Berkshire executive continued: “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 China,’ and boom … there isn’t any crypto in China. He’s right and we’re wrong.”
The vice chairman of Berkshire noted that although he thinks that one should be able to explain the arguments both for and against a certain subject, crypto is an exception.
“When you’re dealing with something as awful as crypto s*** … There’s only one correct answer for intelligent people — just totally avoid it and avoid all the people that are promoting it.” He emphasized:
The seasoned investor believes that cryptocurrency is simply unfathomable, a horror beyond belief, and he is ashamed that the USA and so many people believe in this garbage and that the government allows it to exist.
“It’s totally, absolutely, crazy, stupid gambling with enormous house odds for the people on the other side, and they cheat … It’s just crazy,” he concluded.
Munger has frequently criticized cryptocurrencies in the past. Previously, he compared cryptocurrency trading to “trading turds” and referred to Bitcoin as “rat poison.”
The executive of Berkshire remarked in 2021 that he wished cryptocurrencies had never been created and applauded China for outlawing them. Also, he referred to bitcoin as “disgusting and contrary to the interest of civilization.”
Munger branded cryptocurrency “venereal sickness” and pushed the government to outlaw bitcoin in February of last year. He warned everyone to stay away from cryptocurrency in July, comparing it to a “open sewer, full of malicious organisms.”