Berkshire Hathaway's Charlie Munger Calls Cryptocurrency 'Worthless,' 'Antisocial'

Continuing his disdain for cryptocurrency and its advocates, Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) Vice Chairman Charlie Munger said this week there is no rational argument for the digital assets and described them as "worthless," "no good," "crazy" and "unspeakable."

He was speaking during a live-streamed interview with CNBC at the Daily Journal’s annual shareholders meeting on Wednesday.

Legendary Investor Eviscerates Crypto: Munger's latest attack on cryptocurrency comes after he wrote an opinion piece in the Wall Street Journal advocating for a ban on cryptocurrency.

In the piece, he argued that crypto was "an antisocial, stupid, and immoral use of government power," and that it has "a lot of really bad people who are involved in it."

Munger, who is 99, criticized those who oppose his stance and called them idiots, stating that it is ridiculous that anyone would buy crypto.

Munger emphasized the importance of national currencies in modern human civilization, stating that they enabled convenient exchanges and helped turn man into a successful human.

In his view, creating something that replaces national currency is like trying to replace the national air. 

Also read: 24% of Last Year's Cryptocurrency Tokens Involved In Pump-And-Dump Fraud

It is massively stupid and dangerous, and he is not proud of his country for allowing it, Munger said.

Munger went on to say that governments were wrong to permit cryptocurrency, and it is antisocial to allow it to exist.

He also praised the Chinese for banning cryptocurrency in China, stating the country's government made the right decision.

Munger stated that when it comes to cryptocurrency, there is only one correct answer for intelligent people — to avoid it and avoid all the people who are promoting it.

He called it "unspeakable," "an absolute horror," "disgusting" and "venereal disease," among other things.

He believes that crypto is "totally, absolutely, crazy, stupid gambling with enormous house odds for the people on the other side, and they cheat."

The Background: Munger's criticism of cryptocurrency is not new.

He previously called Bitcoin BTC/USD "rat poison" and likened crypto trading to "trading turds."

In 2021, he expressed his regret that crypto had ever been invented and praised China for banning it.

In February of the previous year, he urged the government to ban Bitcoin and called crypto "venereal disease."

In July of that year, he advised everyone to avoid crypto as if it were an "open sewer, full of malicious organisms."

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