• Berkshire Hathaway Vice Chairman Charlie Munger opined that people who oppose banning cryptocurrencies are „idiots“ and it is „just ridiculous“ anybody would buy crypto.
• He likened replacing national currencies to replacing air, stating that “It’s massively stupid”.
•Munger believes that one should be able to state the arguments both for and against a particular subject, but crypto is an exception and there’s only one correct answer: „avoid it and avoid all the people that are promoting it“.
Charlie Munger’s Opinion on Crypto
Warren Buffett’s right-hand man and the vice chairman of Berkshire Hathaway, Charlie Munger, says people who oppose banning cryptocurrencies are „idiots,“ adding that it’s „just ridiculous“ anybody would buy crypto. He also likened replacing national currencies to replacing air, stating that “It’s massively stupid.“
Munger Believes Crypto Should Be Banned
Referencing his recent opinion piece in the Wall Street Journal stating that cryptocurrency should be banned, the 99-year-old executive insisted there is no „rational“ argument against his position of banning crypto. He opined: I think the people that oppose my position are idiots … It’s just ridiculous that anybody would buy this stuff.
Replacing National Currencies Is Like Replacing Air
Berkshire Vice Chair Charlie Munger described how currency has been essential in creating modern civilization: So if anybody says I’m going to create something that sort of replaces the national currency, it’s like saying I’m going to replace the national air … it’s massively stupid.
Crypto Is ‚Worthless‘ & ‚Absolute Horror‘
He continued: And of course, it’s very dangerous, and of course, the governments were totally wrong to permit it, and of course, I’m not proud of my country for allowing this crap,“ he stressed. „It’s worthless, it’s no good, it’s crazy, it’ll do nothing but harm, it’s antisocial to allow it.“ The Berkshire executive praised Chinese leader Xi Jinping for taking a stance against cryptocurrency by saying “not in my China,“ noting “there isn’t any crypto in China.“
„Just Avoid It & Those Who Promote It“
While he believes that one should be able to state their opinion on a particular subject openly ,the Berkshire vice chair said with regards to crypto there is only one correct answer: „avoiding all those who promote [crypto].“ He emphasized: It