Crypto is like ‘venereal disease’ and should be banned: Charlie Munger

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Charlie Munger, the ancient vice chairman of Berkshire Hathaway and Warren Buffetโ€™s right hand man, has no issue with providing his honest thoughts on cryptocurrency: He hates it.ย 

Speaking at a shareholderโ€™s Q&A session at the annual meeting for LA-based newspaper company, Daily Journal Corp, the 98-year-old investing icon likened crypto to a sexually transmitted disease.

“I certainly didn’t invest in crypto. I’m proud of the fact that I avoided it. It’s like some venereal disease.”

Munger continued to express his contempt for Bitcoin and other cryptocurrencies, adding, โ€œI wish it had been banned immediatelyโ€ฆ I admire the Chinese for banning it. I think they were right and we were wrong to allow it.โ€

Munger and Buffet are no strangers to criticizing and downplaying the emergence of cryptocurrency. Buffett has previously ridiculed Bitcoin for being an asset that “does not create anything,” heโ€™s called it “rat poison squaredโ€ and said that it is nothing more than a โ€œdelusion that attracts charlatansโ€.

Mungerโ€™s imaginative depiction of cryptocurrency do not seem to be reflected in the new investment thesis of Berkshire Hathaway, which is softening up on its exposure to cryptocurrency.

In a securities filing late Feb. 14, Berkshire Hathaway disclosed that it had increased its exposure to cryptocurrency by purchasing $1 billion worth of Nubank stock, Brazilโ€™s largest fintech bank which is popular amongst Brazilโ€™s crypto investors.

“The Nubank investment can be tagged as Buffett’s way of supporting the fintech/crypto world without taking back his criticisms of the past,” asserted Greg Waisman, co-founder and chief operating officer of crypto wallet service Mercuryo, adding that Berkshire is now backing the “digital currency ecosystem indirectly.”

Related: Warren Buffett Doesnโ€™t Want to Own any Cryptocurrency

Crypto Twitter has been quick to respond to Mungerโ€™s comments on digital assets.

@gmoneyNFT called out the irony in Mungerโ€™s recent remarks point blank to their 225,000 followers:

While @cryptonator1337 took aim at Mungerโ€™s age, stating to his 35k followers that Munger may not be the best person to consult when it comes to new technology.