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 lead and avoid crypto “like it’s 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, hurled more insults at cryptocurrency in an interview with The Australian Financial Review, published on Tuesday. Munger previously called bitcoin a “rat’s death” and said last year that he hated the success of bitcoin. BTC.
Noting that the “crypto craze” is “mass madness,” he told the publication:
I think anyone selling this stuff is either delusional or evil. I will not touch crypto.
The Berkshire executive continued, “I’m not interested in undermining the national currencies of the world.”
Munger was then asked what advice he would give to other investors who might be considering investing in cryptocurrency. “Total avoidance is the right policy,” he replied, adding:
Never touch it. Never buy it. Let it pass.
Like Buffett, Munger thinks stocks of real cash-generating companies are better investments. “Stocks have real interest in real companies,” he stressed.
In contrast, “Crypto is an investment in nothing, and the guy trying to sell you an investment in nothing says, ‘I’ve got a special type of nothing that’s hard to do more of,'” he described. .
Munger pointed out, “I don’t want to buy a piece of nothing, even if someone tells me they can’t do more…I consider it almost foolish to buy this stuff or trade it.” He precised :
I avoid it as if it were an open sewer, full of malevolent organisms. I totally avoid and recommend everyone to follow my example.
Munger was never a fan of bitcoin or any other cryptocurrency. In February, he said the government should ban BTC, calling it a “venereal disease”. He has praised China several times in the past for banning crypto, saying he wishes cryptocurrency had never been invented. In May last year, he said bitcoin was “disgusting and against the interests of civilization”.
In May, Munger said, “I try to avoid stupid and evil things and make me look bad compared to someone else – and bitcoin does all three.” He added: “It’s stupid because it’s still likely to go zero.”
What do you think of Berkshire Hathaway VP Charlie Munger’s comments on crypto? Let us know in the comments section below.
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