Charlie Munger doubles down on crypto FUD, “I’m not proud of my country” for offering “crypto shit”
Charlie Munger has made it no secret that he is not a fan of cryptocurrencies.
Berkshire Hathaway’s vice chairman told the Daily Journal’s annual shareholder meeting on Feb. 15 that the U.S. government had never taken such a lenient approach to regulation, preferring instead a blanket ban. I said I was ashamed of it.
Munger said those who believe in cryptocurrencies are “stupid”, while traditional currencies have helped humans “evolve from successful apes to successful apes,” adding: , added that the asset has no intrinsic value. [successful] human. “
“that [crypto] It’s not ridiculous in the slightest, it’s very ridiculous and of course very dangerous. The government was completely wrong to allow it. And of course I’m not proud of my country for allowing this crap. It’s worthless, it’s crazy, it’s not good, it’s only harmful, and it’s anti-social to allow it. ”
Munder added that he sees no rational argument as to why cryptocurrencies should exist. “I don’t think there are any reasonable arguments for my position,” Munger said.
Regarding the presence of government in currency, Munger said that currency and country are closely related.
“You should be able to raise a lot of questions. How big should the social safety net be? We should be able to state not only the case we believe in, but also the opposite case,” Munger said.
“But when you’re dealing with something as bad as cryptocurrency shit, it’s indescribable,” he added. “I am ashamed of my country that so many people believe in this kind of crap and the government allows it to exist.”
His comments echo many others he’s made over the years, including calling cryptocurrencies “venereal diseases” and Bitcoin “probably rat poison squared.”
Comments intensified after FTX, once one of the world’s largest cryptocurrency exchanges, collapsed.
Along with investor Warren Buffett, the two leaders of Berkshire Hathaway have expressed their outright dissatisfaction with cryptocurrencies on several occasions. Their company focuses on various holdings, including investments in sectors such as insurance, retail, energy, finance, transportation and manufacturing. Both Munger and Buffet have honed a highly successful investment theory premised on identifying distressed companies with long-term growth potential. Berkshire Hathaway’s current market cap is over $500 billion.
As of February 16, cryptocurrencies have a market capitalization of approximately $1.07 trillion, down from a peak of over $2.7 trillion seen in November 2021.
However, in 2023, Bitcoin and Ethereum, along with the rest of the cryptocurrencies, will see a significant recovery, up about 40% and 35% respectively year-to-date.
