Charlie Munger Says Avoid Crypto Like An 'Open Sewer'

Charlie Munger, vice chairman of Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B), unleashed a fresh batch of criticism of the crypto industry.

What Happened: Munger shared his best investment tips — one of which includes advice to “never touch” cryptocurrencies, in a recent interview with the Australian Financial Review.

“I just avoid it as if it were an open sewer, full of malicious organisms. I just totally avoid and recommended everybody else follow my example,” said Munger.

The 98-year-old billionaire investor said that the crypto craze was nothing but “mass folly,” reiterating his belief that any investment in crypto is worth nothing.

"I regard it as almost insane to buy this stuff or to trade in it," he said.

In his view, just because something is scarce or difficult to create, it doesn’t warrant enough reason to own it as an investment.

"I think anybody that sells this stuff is either delusional or evil,” said Munger, referring to the creators of tokens and individual crypto projects. "I'm not interested in undermining the national currencies of the world."

See Also: IS BITCOIN A GOOD INVESTMENT?

Cryptocurrencies have witnessed a massive selloff over the course of 2022, in what has been labeled the worst bear market in crypto history.

Price Action: At press time, the leading digital asset Bitcoin BTC/USD was trading at $19,433, as per data from Benzinga Pro. Ethereum ETH/USD was trading at $1,044 and Dogecoin DOGE/USD was trading at $0.06.

Bitcoin and Ethereum are trading 70% below their all-time highs, while Dogecoin is down 91% from its peak price in 2021.