Charlie Munger, vice chairman of Berkshire Hathaway, said that he wanted other countries to follow China’s suit by “immediately” banning Bitcoin and other cryptocurrencies during Daily Journal’s fully virtual annual shareholder meeting in Los Angeles:
I wish it had been banned immediately. I admire the Chinese for banning it.
He stressed that he was “proud” of steering clear of cryptocurrencies throughout all those years.
Warren Buffett’s right-hand man, who’s turned 98 last month, compared crypto to “some venereal disease.” In his most scathing critique of the novel asset class yet, Munger said that it was “beneath contempt.”
Last February, Munger likened Bitcoin to a “louse.”
The billionaire appears to suggest that cryptocurrencies are only useful for extortions, kidnappings and tax evasion.
Munger also expressed discontent with the proliferation of altcoins, complaining about people creating their own currencies out of envy.
Earlier this week, Berkshire Hathaway invested a whopping $1 billion in Brazilian digital bank Nubank, whose investment unit lets users put money into cryptocurrency-related exchange-traded funds (ETFs).