Charlie Munger, vice chairman of Berkshire Hathaway, criticized cryptocurrencies at the Daily Journal’s annual meeting, adding that he is not proud of his country for allowing the use of crypto.
The businessman at the shareholders’ meeting he stated, that he is ashamed that the US government has taken a lenient approach to regulation so far. Related to this, he said that he personally would rather expect them to ban cryptocurrencies completely. According to Munger, those who believe in crypto are all idiots, as he sees no value in them. He added that traditional currencies, on the other hand, helped people develop from a successful monkey to a successful human.
“It (crypto) is not a little stupid, it is a huge stupidity and of course very dangerous. The governments were completely wrong to allow it. And of course I’m not proud of my country for allowing this shit. Well, I call it crypto shit. It’s worthless, it’s crazy, it’s not good, it will only hurt, and it’s anti-social to allow it.” Munger said.
Munder added that he doesn’t see any rational argument as to why cryptocurrencies should exist.
“I don’t think there is a rational argument once morest my position.” the businessman stated.
Regarding the relationship between the state and money, Munger said that currencies and countries go hand in hand.
“You should be able to formulate many questions: how big can the social safety net be? This is a place where reasonable minds disagree, and you need to be able to state the other side’s arguments as well as what you believe. But when you’re dealing with something as monstrous as crypto shit, it’s simply unspeakable. I am ashamed of my country that so many people believe in this crap and the government allows it to exist.” Munger continued.
Munger and the other head of Berkshire Hathaway, Warren Buffet, have repeatedly expressed their distaste for cryptocurrencies. After the collapse of FTX, once one of the major crypto exchanges in the world, these comments became even stronger.
