Charlie Munger: “Crypto isn’t even slightly stupid, it’s massively stupid”

Charlie Munger, the Vice Chairman of Berkshire Hathaway and a prominent billionaire investor, did not hold back his disdain for cryptocurrencies, branding them as “massively stupid” and “ridiculous.”

Speaking at the Annual Shareholders Meeting of the Daily Journal Corporation, Munger said those who oppose his views are nothing but “idiots.”

He didn’t stop there. Munger pulled no punches when he took aim at cryptocurrencies, dubbing them “cryptocrapo” and “cryptocrabble.” Moreover, he scornfully questioned why anyone would invest in such a “worthless” and “no good” asset.

Furthermore, he did not mince his words when expressing his apprehensions about the government’s decision to allow cryptocurrencies. In Munger’s view, such a move would be nothing short of harmful and anti-social.

Munger supports China’s views

Munger admires the Chinese Communist Party’s uncompromising approach to cryptocurrencies.

He believes that the Chinese leader’s decision to ban cryptocurrencies was the right one and that such assets pose a threat to the economic stability and social order of any nation.

According to Munger, there is no valid argument in favor of these digital assets, and intelligent people should steer clear of those who promote them.

Never been a fan of crypto

Back in 2022, he boldly predicted that Bitcoin was destined for total collapse, suggesting it was poised to lose all its value. The seasoned investor went as far as drawing comparisons between cryptocurrencies and venereal diseases, underscoring his disdain for the assets and their potential to cause harm.