During a question-and-answer session at the Daily Journal’s annual meeting in Los Angeles yesterday, Warren Buffett’s partner, Charlie Munger, continued his verbal attack on cryptocurrencies, this time likening digital assets to the virus — not COVID or the flu.
When the conversation turned to cryptocurrency, Munger didn’t utter the words, “I definitely didn’t invest in cryptocurrency. I’m proud of the fact that I avoided it. It’s like some venereal disease.”
Munger went on to explain why he doesn’t like Bitcoin, saying that blackmailers, kidnappers, tax evaders, and terrorists use it. He said, “This is under contempt.”
Munger is the 98-year-old Vice President of Berkshire Hathaway, a multinational conglomerate run by famed entrepreneur, investor, philanthropist, and fellow crypto critic Warren Buffett. He made it clear that he was happy in his ways.
“I have all kinds of things I’m not comfortable with,” Munger said. “I think the old man has the right to invest where he wants to invest.”
Munger went on to say during the live event that he wishes the United States had banned crypto immediately and he admires the Chinese for banning it.
Both Munger and Buffett They have been harsh words for cryptocurrency over the years. In 2018, Buffett called bitcoin “squaring rat poison.”
During an interview last May, Munger expressed his disdain for bitcoin. “Of course I hate the success of bitcoin,” Munger said. “I also don’t like just mixing up a few billion and billions and billions of extra dollars for someone who just created a new financial product out of thin air.”