Billionaire investor and Berkshire Hathaway Vice Chairman Charlie Munger has criticized cryptocurrencies, calling them "massively stupid" and "ridiculous" during the Annual Shareholders Meeting of the Daily Journal Corporation.
Munger dismissed any arguments against his position on cryptocurrencies, stating that people who oppose his position are "idiots."
He referred to cryptocurrency as "cryptocrapo" and "cryptocrabble," and questioned why anyone would buy it, as it is "worthless" and "no good."
Munger expressed concern about the government's decision to permit cryptocurrencies and claimed that it would do nothing but harm and is anti-social.
He even said that the Chinese leader, who banned cryptocurrencies, was "right." The investor has repeatedly praised the Chinese Communist Party for its harsh stance toward cryptocurrencies.Munger claimed that there is no good argument on the other side, and intelligent people should avoid all those who promote it.
As reported by U.Today, the vice chairman of Omaha-headquartered multinational conglomerate holding company Berkshire Hathaway recently published a Wall Street Journal op-ed, in which he argues that the U.S. should impose a blanket ban on digital assets.
The prominent investor is convinced that cryptocurrency is just “a gambling contract,” not a security or commodity.
Munger has been a staunch critic of the flagship cryptocurrency for a long time. In 2022, he said that the bellwether digital asset was likely to lose all of its value. In the past, the investor also draw parallels between crypto and venereal diseases.