Charlie Munger Warren Buffett's right-hand man at Berkshire Hathaway — also said that China was right to outlaw digital assets.
Cryptocurrencies are "like a venereal disease" and are "beneath contempt," billionaire investor Charlie Munger has declared.
The 98-year-old — Warren Buffett's right-hand man at Berkshire Hathaway — also said that China was right to outlaw digital assets.
Munger was speaking at the Daily Journal's annual meeting, and said he had no regrets about missing out on Bitcoin's surge in recent years:
"I certainly didn't invest in crypto. I'm proud of the fact that I avoided it."
He maintains that Bitcoin is the currency of choice for kidnappers, extortionists and tax fraudsters — adding he wishes the U.S. had also outlawed it:
"I have all kinds of things I'm not comfortable with. I think an old guy is entitled to invest where he wants to invest."
Munger's remarks were live streamed by Yahoo! Finance, and the nonagenarian also lambasted the "wretched excess in venture capital and other forms of private equity" — singling out the short squeeze in GameStop as an example.
Dire Warnings on Inflation
Elsewhere in the wide-ranging interview, Munger warned "inflation is a very serious subject" that arguably triggers the death of democracies — describing it as "the biggest long-range danger we have apart from nuclear war."
Munger's views on Bitcoin are well-documented — and in the past, he's described it as "rat poison."