Legendary investor Charlie Munger had more harsh words for cryptocurrency Wednesday, and called inflation the greatest danger America faces, besides nuclear war.
Speaking during a shareholder Q&A session Wednesday at the annual meeting for Los Angeles-based newspaper chain Daily Journal Corp. of which he is chairman, the 98-year-old Munger ripped bitcoin and other cryptos as “beneath contempt,” claiming its main usefulness is for extortion, kidnappings and tax evasion. When noting he has never invested in crypto, Munger said:
“I’m proud of the fact I’ve avoided it… it’s like some venereal disease.”
“I wish it had been banned immediately,” Munger, who is also Warren Buffett’s right-hand man and vice chairman of Berkshire Hathaway Inc. said of crypto. “I admire the Chinese for banning it. I think they were right and we were wrong to allow it.”
Eulogy made by Charlie Munger