Bitcoin Called “Rat Poison” And “Pooze”, These Are The Negative Words Charlie Munger Says Against Cryptocurrencies

Warren Buffett confidant Charlie Munger backs crypto ban in China (Yahoo Finance)

JAKARTA – Warren Buffet's right-hand man, Charlie Munger, who serves as Deputy Chairman of Barkshire Hathaway, has again made negative statements about cryptocurrencies. Munger said he applauds China's actions to block crypto mining and hopes cryptocurrencies are not invented.

Munger made the remarks at Sohn Hearts and Minds, a gathering of Australia's top investors on Friday. Some time earlier, the 97-year-old man also said that Bitcoin is "rat poison". He likened crypto trading to “trading shit.”

Munger also said that the current crypto era is crazier than the dot-com bubble that occurred in 1998 to 2000 ago.

“I think the dot-com boom was crazier in terms of valuation than what we have now. But overall, I think this era (cryptocurrency) is crazier than the dot-com era," Munger said.

In addition, Munger also said that he could not stand this crazy crypto explosion. This is because people from all over the world flock to invest in cryptocurrencies.

“I can't stand participating in this crazy explosion, one way or another. It seems this will work. Everyone wants to get in (in crypto).”

Although crypto is booming, he admits that he has a different attitude towards crypto which is currently attracting the attention of the global community. Munger said: "I wanted to make money selling them good things to people, not bad things to them."

“Believe me, the people who create cryptocurrency don't think about the customer, they think about themselves,” he added.

“I will never buy cryptocurrency. I hope they are never found."

The Barkshire Hathaway official also praised China's actions to ban crypto trading and mining and called the UK a wrong decision to allow crypto trading.

“I think the Chinese made the right decision, which was to ban them. My country — the English-speaking civilization — has made the wrong decision.

The praise seems to be inseparable from Barkshire, which has a large investment, including in one of the car manufacturers BYD. Commenting on the US-China relationship, Munger believed the two countries could have an "acceptable relationship."

He also commented on Australia's position in US-China relations. Munger hopes "Australia can push the United States and China to make more sense."

Throughout 2021, Munger has often issued negative statements about crypto. He also once called crypto a disgusting thing for the sake of civilization.

"I must say humbly that the whole [crypto] development is disgusting and goes against the interests of civilization," he said in May 2021.

Last February, Warren Buffet's confidant also encouraged investors not to buy Bitcoin cs.

“It really is a kind of artificial substitute for gold. And because I never buy gold, I never buy bitcoin, and I recommend others to follow my practice,” said Charlie Munger.