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Charlie Munger, the ancient vice chairman of Berkshire Hathaway and Warren Buffet\u2019s right-hand man, has no issue with providing his honest thoughts on cryptocurrency: He hates it.\u00a0<\/p>\n
Speaking at a shareholder\u2019s Q&A session at the annual meeting for Los Angeles-based newspaper company Daily Journal Corporation, the 98-year-old investing icon likened crypto to a sexually transmitted disease.<\/p>\n
\u201cI certainly didn\u2019t invest in crypto. I\u2019m proud of the fact that I avoided it. It\u2019s like some venereal disease.\u201d<\/p><\/blockquote>\n
Munger continued to express his contempt for Bitcoin (BTC<\/a>)\u00a0and other cryptocurrencies, adding, \u201cI wish it had been banned immediately\u2026 I admire the Chinese for banning it. I think they were right and we were wrong to allow it.\u201d<\/p>\n
Munger and Buffet are no strangers to criticizing and downplaying the emergence of cryptocurrency. Buffett has previously ridiculed Bitcoin<\/a> for being an asset that \u201cdoes not create anything\u201d; he\u2019s\u00a0called it<\/a>\u00a0\u201crat poison squared\u201d and said that\u00a0it is nothing more<\/a>\u00a0than a \u201cdelusion that attracts charlatans.\u201d<\/p>\n
Munger\u2019s imaginative depiction of cryptocurrency does not seem to be reflected in the new investment thesis of Berkshire Hathaway, which is softening up on its exposure to cryptocurrency. <\/p>\n
In a securities filing late on Monday, Berkshire Hathaway disclosed that it had increased its exposure to cryptocurrency by purchasing $1 billion worth of Nubank stock<\/a>, Brazil\u2019s largest fintech bank, which is popular among Brazil\u2019s crypto investors.<\/p>\n
\u201cThe Nubank investment can be tagged as Buffett\u2019s way of supporting the fintech\/crypto world without taking back his criticisms of the past,\u201d asserted Greg Waisman, co-founder and chief operating officer of crypto wallet service Mercuryo, adding that Berkshire is now backing the \u201cdigital currency ecosystem indirectly.\u201d<\/p>\n
Related: Warren Buffett Doesn\u2019t Want to Own Any Cryptocurrency<\/a><\/strong><\/em><\/p>\n
Crypto Twitter has been quick to respond to Munger\u2019s comments on digital assets. <\/p>\n
GmoneyNFT called out the irony in Munger\u2019s recent remarks point blank to their 225,000 followers.<\/p>\n
\nCharlie Munger: Fiat currency is going to zero<\/p>\n
Also Charlie Munger: Crypto is like some venereal disease. I’m proud of the fact that I’ve avoided it. pic.twitter.com\/ua85ubdy35<\/a><\/p>\n
\u2014 gmoney.eth (@gmoneyNFT) February 17, 2022<\/a><\/p><\/blockquote>\n
While Cryptonator1337 took aim at Munger\u2019s age, stating to his 35,000 followers that Munger may not be the best person to consult when it comes to new technology.<\/p>\n
\nWhen Munger was born in 1924…<\/p>\n
.. Lenin died
.. the Ottoman Empire ended
.. Disney created the first cartoon
.. IBM was founded in New York State
.. the US president delivered a radio broadcast the first time<\/p>\nBut sure let’s listen to him talking about #Bitcoin<\/a><\/p>\n
\u2014 CR1337 (@cryptonator1337) February 16, 2022<\/a><\/p><\/blockquote>\n<\/div>\n