Nouriel Roubini, known as Dr. Doom for his accurate prediction of the mortgage market crisis in 2008-2009, is a famous crypto critic. He has now taken to Twitter to share a word of support for Charlie Munger — the right-hand man of world-famous investor and billionaire Warren Buffett — in his recent anti-crypto statements.
Praising fiat versus crypto
As reported by U.Today, billionaire investor and Berkshire Hathaway vice chairman Munger shared his view on cryptocurrency supporters during his recent talk on CNBC.
When asked if there are any good counterarguments to his position, he said that there cannot be any and called those who oppose his position on crypto "idiots." He believes it is ridiculous that anyone would buy this stuff, though he admitted that people liking gambling is understandable.
Munger seems to believe in the opposite of crypto-fiat government currencies. According to him, not a single thing on earth has done as much more good for people as national currencies. Currencies, he says, have played a crucial role in advancing us from apes to our modern successful human civilization.
In his view, then, attempting to replace fiat currencies with crypto is like trying to replace the national air, and it is not "just stupid," it is "massively stupid," and allowing it is "anti-social." Munger reckons crypto to be dangerous and stated that the governments were wrong to allow crypto. He criticized the U.S. government for permitting Bitcoin and praised the leader of China for banning crypto from the country.
Nouriel Roubini steps in
Supporting Munger, Dr. Doom said that those who favor cryptocurrencies are not just idiots, but they are "idiot crooks."
Munger: those in favor of crypto are IDIOTS! Well said. But they are idiot crooks ! https://t.co/9BQiQy3oq9— Nouriel Roubini (@Nouriel) February 17, 2023
In November, the prominent economist slammed crypto exchanges, and Binance in particular, for allegedly lying that users' funds are safe. This happened after the crash of the FTX giant, when it filed for bankruptcy and the shock wave hit the crypto market, pushing Bitcoin down below the $17,000 level.
Roubini back then claimed that the head of Binance, Changpeng Zhao (aka CZ), is even worse than founder of FTX Sam Bankman-Fried.