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Legendary investor Charlie Munger calls Cryptocurrency “Venereal Diseases”

Legendary investor and Berkshire Hathaway Vice President Charlie Munger has always been one of the vocal critics of cryptocurrencies. In the past, the billionaire investor has left no stone unturned to express his disdain for cryptos. It seems Munger’s strong dislike for cryptos continues even to this day. This was all too visible when Berkshire Hathaway Vice President made another scathing attack on digital currencies during the annual general meeting of the media company Daily Mail.

Munger said that as investment opportunity he considers bitcoin and other cryptocurrencies as “below contempt” and went as far as saying that its usage is limited to “exertion, kidnapping and tax evasion.”

The billionaire said that his immediate wish is that cryptos should be banned immediately in the U.S and praised China for imposing ban on crypto trading while regretting that “we (U.S.) were wrong in allowing it.” He also expressed pride for never having invested in Cryptos and termed Cryptocurrencies nothing but “venereal diseases.”

Munger, who is also the close confidant of Warren Buffet, equally took a swipe at U.S. Federal Reserve for plans of launching its own digital currency.

Even last year during Berkshire Hathaway’s annual general meeting Munger expressed strong contempt about Bitcoin. Munger said “he hated Bitcoin success” and perceived Bitcoin as nothing but worthless asset class that has no underlying value.

Munger’s disdain for cryptocurrencies represents a polarizing view on digital currency. While there are likes of Munger who have strong contempt for cryptos and then there staunch supporters like Jack Dorsey who firmly believe in the future of crypto.

Meanwhile, Elon Musk seems to have taken veiled swipe on Munger’s latest scathing criticism about cryptocurrency. Without making any explicit reference to Munger’s criticism about cryptos, Musk tweeted that in 2009 Munger had predicted that Tesla would fail and his prediction made sad but never stopped trying.

Through this tweet, Musk probably wants to indicate that just as his doomsday prediction about Tesla proved wrong, his grim production about cryptocurrencies will equally prove wrong.

It must be that Musk is one of the adherent supporters of cryptocurrencies.

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