Charlie Munger, a billionaire investor, compared cryptocurrency to a “venereal cancer” that should have been banned

Warren Buffett’s veteran business colleague and Vice-Chairman of Berkshire Hathaway, Charlie Munger, has again slammed cryptocurrencies and urged towards their ban. “I applaud the Chinese for prohibiting it. “I believe they were correct, and we were incorrect in allowing (crypto trade),” he said. Munger, a longtime skeptic of cryptocurrency, compared it to a “venereal sickness” and said it is “beyond disdain.” Here isn’t the first time Munger has criticized cryptocurrency.

The billionaire investor spoke at the Los Angeles-based newspaper Daily Journal Corp’s annual meeting on Wednesday. When questioned about his thoughts on cryptocurrency and whether he believes he has missed out by not investing, Munger replied, “I did not invest in crypto.” I’m proud of myself for avoiding that. It’s as if you have a venereal disease. I think it’s a waste of time. Some individuals believe it’s modernism, and they welcome money that able to use for extortion, kidnappings, and tax evasion, among other things.”

Munger has previously equated cryptocurrencies to gambling. He expressed the same sentiment on Wednesday, saying that bitcoin is controlled by a group of people who want to get rich quickly while contributing very little to civilization.

Munger likens cryptocurrency to gambling

“If I were a benign dictator of the world, I would make short-term gains in securities impossible because we now mix up the legitimate activity (of) capital raising for firms that require money to execute their capitalistic role with a gambling casino where individuals come in and bet.” And when those two duties are combined, as they are in the stock market or bitcoin, they result in a speculative jumble that is detrimental to the republic,” he warned.

In response to a query on why the world’s Warren Buffets and Charlie Mungers don’t comprehend cryptocurrency, Munger candidly stated, “I think most elderly men don’t get it, but I think we do.” “Most people believe Warren and Charlie don’t get it; I believe we do, and we know it’s bad for our republic, and we also know we can’t do much about it.” So we spend our time on issues where we can make a difference,” he explained.