Crypto Like 'Venereal Disease,' Billionaire, 98, Says
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Crypto Like 'Venereal Disease,' Billionaire, 98, Says

4 месяца назад

Charlie Munger Warren Buffett's right-hand man at Berkshire Hathaway — also said that China was right to outlaw digital assets.

Crypto Like 'Venereal Disease,' Billionaire, 98, Says

Содержание

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.

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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."

Some regard Bitcoin as a powerful hedge against inflation because of how the cryptocurrency's maximum supply has been set at 21 million — meaning no further coins can be created.
But despite the U.S. Consumer Price Index surging by 7.5% in January — the sharpest increase for 40 years — BTC's performance has been lackluster and closely correlated with the stock market, putting this narrative into question.

Munger's views on Bitcoin are well-documented — and in the past, he's described it as "rat poison."

Crypto Twitter appeared to be largely dismissive of his insights — pointing to how the value of BTC and ETH have accelerated by thousands of percent over the past five years, while Berkshire Hathaway's stock is up 87% over the same timeframe.
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