• Charlie Munger, the vice chairman of Berkshire Hathaway, has again voiced his disdain for cryptocurrencies.
• During a live-streamed interview with CNBC, he said people who oppose a ban on cryptocurrencies are ‘idiots’ and described crypto as ‘massively stupid’.
• He praised China for its handling of cryptocurrencies and urged the United States to follow their example in banning digital assets.
Charlie Munger Speaks Out Against Cryptocurrencies
Charlie Munger, vice chairman of Berkshire Hathaway, the right-hand man of Warren Buffet, and a man of apparent intelligence, has again voiced his disdain for cryptocurrencies. In his latest utterances made during a live-streamed interview with CNBC, the 99-year-old executive said people who oppose a ban on cryptocurrencies are „idiots,“ further stating that it is „just ridiculous“ that anybody would buy crypto.
Munger Believes The US Should Ban Crypto
Earlier this month, Munger published an opinion piece in the Wall Street Journal stating that the United States should ban cryptocurrencies. The vice chairman urged the United States government to follow the example set by China to ban cryptocurrencies, likening crypto to a „gambling contract.“ According to reports by Bitcoin.com, during the interview with CNBC, Munger referenced his earlier opinion and argued that there is no „rational“ argument against his view of banning crypto. He said: I think the people that oppose my position are idiots … It’s just ridiculous that anybody would buy this stuff. Mr. Munger took his insults a step further and said,“replacing national currencies is like replacing air… it’s massively stupid.“
Munger Describes Currency & Air As Necessary For Civilization
The executive described his take on this in detail: 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 successful ape into modern successful humans and human civilization because they enabled all these convenient exchanges. Adding, 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. He stressed that it is hazardous concept and governments were wholly wrong to allow it: It’s worthless, it’s no good, it’s crazy; it’ll do nothing but harm; it’s antisocial to allow it.. Adding ,I’m not proud of my country for allowing this crap.“
Praise For China’s Approach To Cryptocurrencies
After leveling criticism against his own government ,Munger praised China for its handling of cryptocurrency .He said somewhat controversially :The guy who made correct decision on this is Chinese leader .Chinese leader took one look at crypto ,and he says ,not in my Chin .
It seems clear from Charlie Munger’s comments over recent weeks and months that he believes cryptos have no place in society due their lack utility as well as their potential harms as investments or financial instruments .It remains unclear whether other countries will follow china’s lead regarding bans but perhaps we will see some movement in years ahead if cryptocurrency continues develop without regulation