Charlie Munger is Warren Buffett’s long-time business partner, the Vice Chairman of Berkshire Hathaway, and lambasted cryptocurrencies once again and called for them to be banned.
He admires the Chinese for banning it. His view they were right and have been wrong to allow that’s called crypto trading.
Another person is Munger, he has been a long-time crypto critic who also compared it to venereal disease, and he considers it beneath contempt also.
This is not the first time that Munger has spoken critically about crypto. The billionaire investor was speaking at the annual meeting of the Los Angeles newspaper that is based Daily Journal Corp.
Asking about his view on crypto if he thinks he has missed an opportunity by not investing. Munger explains he certainly didn’t invest in crypto. He was proud of the fact that he avoided it. It’s like some venereal disease.
He just regard it as beneath contempt. Some people think it’s modern and they welcome a currency that is so useful in extortions, kidnappings, and tax evasion.
In the past time, Munger has compared cryptocurrencies to gambling. He reiterated the same view and said cryptocurrencies are run by a bunch of people who want to get rich quickly for doing very little for civilization.
The explanation of Munger compares crypto to gambling that if I were a benign dictator of the world that he would make it infeasible to make short-term gains in securities.
Because they now mix up the legitimate activity capital raising for enterprises that need money to do their capitalistic function that with a gambling casino where people come in and gamble.
Also, those two functions when they’re mixed and they are in the stock market or bitcoin. Create a speculative mess and it’s dangerous for the republic.
It’s all explained by the Munger. Answer to a question on chief executive saying that Warren Buffets, Charlie Mungers of the world don’t understand crypto that, Munger candidly said.
That most old men don’t understand but he thinks so do understand. Most of the people think Warren and Charlie don’t understand it.
They think do understand it, they know it’s not good for their republic and they know can’t do anything about it. So they spend their time on matters that we can do something.
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