Berkshire Hathaway Vice Chairman Charlie Munger, Warren Buffett’s right-hand man, has a message for investors considering cryptocurrency. “Never touch it,” he stressed, adding that everyone should follow his example and avoid crypto “as if it were an open sewer, full of malicious organisms.”
Charlie Munger Reaffirms His Anti-Crypto Stance
Charlie Munger, Warren Buffett’s right-hand man and longtime business partner, threw more insults at cryptocurrency in an interview with The Australian Financial Review, published Tuesday. Munger previously called bitcoin “rat poison” and said last year that he hated the success of BTC.
Noting that the “crypto craze” is a “mass folly,” he told the publication:
This stuff can only be sold by people who are either insane or delusional. I won’t touch the crypto.
The Berkshire executive continued: “I’m not interested in undermining the national currencies of the world.”
Munger was also asked his advice to any other cryptocurrency investors. “Total avoidance is the correct policy,” he replied, adding:
It should never be touched. It is not worth the money. Don’t let it go.
Munger, like Buffett believes stocks in cash-generating businesses are more attractive investments. “Stocks have a real interest in real businesses,” he stressed.
In contrast, “Crypto is an investment in nothing, and the guy who’s trying to sell you an investment in nothing says, ‘I have a special kind of nothing that’s difficult to make more of,’” he described.
Munger emphasized: “I don’t want to buy a piece of nothing, even if somebody tells me they can’t make more of it … I regard it as almost insane to buy this stuff or to trade in it.” He elaborated:
It is like an open sewer full of harmful organisms. I avoid it. Everyone else must follow my lead and I have completely avoided it.
Munger was never a big fan of cryptocurrency or bitcoin. In February, he said that the government should ban BTC, calling it a “venereal disease.” He has praised China several times in the past for banning crypto, stating that he wished cryptocurrency has never been invented. In May last year, he said that bitcoin was “disgusting and contrary to the interest of civilization.”
In May, Munger said: “I try and avoid things that are stupid and evil and make me look bad in comparison to somebody else — and bitcoin does all three.” He added, “It’s stupid because it’s still likely to go to zero.”
Comment on Charlie Munger’s comments about crypto by Berkshire Hathaway Vice Chairman. Please leave your comments below.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis article serves informational purposes. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.
