Hate Cryptocurrencies, Charlie Munger: “Crypto Is Like A Sexually Transmitted Disease”

JAKARTA – Warren Buffet's confidant at Barkshire Hathaway, Charlie Munger casually expressed his personal opinion on cryptocurrencies. Munger admits he hates cryptocurrencies.

Munger made his remarks during a question and answer session at the annual meeting of shareholders of the Los Angeles-based newspaper, the Daily Journal Corporation. The 98-year-old investment icon likens crypto to a sexually transmitted disease as reported by Cointelegraph.

“I certainly don't invest in crypto. I'm proud of the fact that I avoided it. It's like a venereal disease," Munger said.

The figure who is Warren Buffet's right hand man has constantly expressed his hatred for Bitcoin (BTC) and other cryptocurrencies. Munger said he admired the Chinese government's move to ban all activities related to cryptocurrencies.

“I hope it (crypto) is banned soon... I admire the Chinese for banning it. I think they were right and we were wrong to let it go."

In addition, Warren Buffet, who is an investment icon, also often makes fun of cryptocurrencies. Buffet once scoffed at Bitcoin as an asset that “earn nothing.” He also called Bitcoin “rat poison” and nothing more than “a delusion that attracts fraudsters.”

Munger's imaginative portrayal of cryptocurrencies does not appear to be reflected in Berkshire Hathaway's new investment thesis, which has been softened by his exposure to cryptocurrencies.

In a securities filing late Monday, Berkshire Hathaway revealed that it had increased its exposure to cryptocurrencies by buying $1 billion in shares of Nubank, Brazil's largest fintech bank, popular with Brazilian crypto investors.

“Nubank's investment can be characterized as Buffett's way of supporting the fintech/crypto world without retracting his past criticisms,” stressed Greg Waisman, co-founder and chief operating officer of crypto wallet service Mercuryo, adding that Berkshire is now supporting “the digital currency ecosystem indirectly. live."

A number of accounts on Twitter were quick to respond to Munger's comments about his remarks on digital assets including one by Cryptonator1337 which satirized Munger's age. The account also states to its 35,000 followers that Munger may not be the best person to consult when it comes to new technology.