Charlie Munger Compares Bitcoin to a ‘Veterinary Disease’

Charlie Munger Talks About Cryptocurrency

Berkshire Hathaway Vice Chairman Charlie Munger described cryptocurrencies as “veneemic” and “contemptuous.”

The longtime crypto critic made the comments during an appearance with Quick Becky on Yahoo! Finance on Wednesday.

A quick read of a question from a viewer asking, “Cryptocurrency is a $2 trillion asset class – are you willing to admit that you missed something?”

The 98-year-old replied, “Well, I definitely don’t invest in crypto. I’m proud of the fact that I avoided it. It’s like, you know, some venereal disease or something. I just take it as contempt. “

Munger said crypto bulls “welcome a currency that is very useful in extortion and kidnapping cases, etc., etc., tax evasion”.

He added, “I wish it had been banned immediately. And I admire the Chinese for banning it. I think they were right and we were wrong to allow it.”

Elsewhere in his appearance, Munger speak the market is currently run by “people who want to get rich quick”, but do not do much for civilization.

“I don’t think it’s good for our country to go crazy over bitcoin and its currency,” he said. “I hate it.”

Munger concluded, “You let a bad genie come out of the bottle.”

Berkshire Hathaway CEO Warren Buffett has also been very important for cryptocurrencies. In 2018 he called it “Rat poison, squared.”

Several cryptocurrencies like Bitcoin and Ethereum have seen remarkable price increases over the years. That created a discuss about whether these assets are in a bubble. Notably, several crypto-related commercials aired during the Super Bowl on Sunday. The fact that these assets are now being sold to retail investors could signal upcoming mainstream adoption – or an impending boom.

See above via Yahoo! Finance

h/t: Recital.

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https://www.mediaite.com/tv/berkshire-hathaways-charlie-munger-compares-bitcoin-to-a-venereal-disease/ Charlie Munger Compares Bitcoin to a ‘Veterinary Disease’

Charles Jones

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