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Vice chairman of Berkshire Hathaway, Charlie Munger, has yet again spoken out against cryptocurrencies. During an interview with CNBC, Munger said people who oppose banning crypto are “idiots.”
Charlie Munger, vice chairman of Berkshire Hathaway, the right-hand man of Warren Buffet, and a man of apparent intelligence, has again voiced his disdain for cryptocurrencies. In his latest utterances made during a live-streamed interview with CNBC, the 99-year-old executive said people who oppose a ban on cryptocurrencies are “idiots,” further stating that it is “just ridiculous” that anybody would buy crypto.
Munger Believes the U.S. Should Ban Crypto
Earlier this month, Munger published an opinion piece in the Wall Street Journal stating that the United States should ban cryptocurrencies. The vice chairman urged the United States government to follow the example set by China to ban cryptocurrencies, likening crypto to a “gambling contract.”
According to reports by Bitcoin.com, during the interview with CNBC, Munger referenced his earlier opinion and argued that there is no “rational” argument against his view of banning crypto. He said:
I think the people that oppose my position are idiots … It’s just ridiculous that anybody would buy this stuff.
Mr. Munger took his insults a step further and said, “replacing national currencies is like replacing air… it’s massively stupid.” The executive described his take on this in detail:
You can think of hardly nothing on Earth that’s done more good to the human race than currency — national currencies. They were absolutely required to turn man from a successful ape into modern successful humans and human civilization, because they enabled all these convenient exchanges.
Adding,
So if anybody says I’m going to create something that sort of replaces the national currency, it’s like saying I’m going to replace the national air … it’s massively stupid.
He stressed that it is a hazardous concept, and governments were wholly wrong to allow it:
It’s worthless, it’s no good, it’s crazy, it’ll do nothing but harm, it’s antisocial to allow it.
Adding,
I’m not proud of my country for allowing this crap.
Praise For China’s Approach to Cryptocurrencies
After leveling criticism against his own government, Munger praised China for its handling of cryptocurrencies. He said, somewhat controversially:
The guy who made the correct decision on this is the Chinese leader. The Chinese leader took one look at crypto, and he says, ‘not in my China,’ and boom … there isn’t any crypto in China. He’s right, and we’re wrong.
What Munger said is thankfully just his opinion because he did not stop after applauding the Chinese government.
Conceding that one should always consider both sides of an argument, Mr. Munger reckons crypto is an exception to this:
When you’re dealing with something as awful as crypto s*** … There’s only one correct answer for intelligent people — just totally avoid it and avoid all the people that are promoting it.
He further opines:
It’s just unspeakable, it’s an absolute horror, and I’m ashamed of my country that so many people believe in this kind of crap, and the government allows it to exist.
Opinion
It’s undeniable that Charlie Munger has done something right in his career to become the vice chairman of Berkshire Hathaway. It’s, however, rather unthinkable that somebody who has achieved so much could be in such stern opposition to what many argue is revolutionary and a life-changing development finance. However, Mr. Munger is entitled to his 99-year-old opinion, but to so vehemently refuse even to consider the incredible benefits of crypto is proof that with age doesn’t always come wisdom.
