Berkshire Hathaway’s Charlie Munger does not like crypto and has not relented in propagating that. The 98-year-old American billionaire investor has publicly disparaged crypto enthusiasts and anyone who invests in the asset class, this time, branding anyone who “sells” crypto “delusional or evil,” as he maintains that he will never touch it.
Charlie Munger thinks crypto is an investment into nothing
Munger’s advice on investment choices was sought in an interview with The Australian Financial Review, an Australian business newspaper. The nonagenarian gave a few tips ranging from the proper outlook on macroeconomic policies, including inflation, to the significance of fossil fuels and renewables. He also discussed crypto.
According to Munger, crypto as an investment ultimately amounts to nothing. “I don’t want to buy a piece of nothing, even if somebody tells me they can’t make more of it,” he said, “I regard it as almost insane to buy this stuff or to trade in it.” Munger further likened the crypto markets to “an open sewer, full of malicious organisms,” stating how he shuns the space and would advise everyone else to do the same.
He, however, pointed to stock in established companies as an alternative option for anyone who feels the need to invest in crypto assets. Besides his take on crypto, Munger also talked about inflation and how he believes hikes in interest rates to combat inflation are likely to impact the stock market and firms’ valuations adversely.
Berkshire Hathaway’s Buffett has also expressed his dislike for crypto
Charlie Munger seems to be at the forefront of the crypto criticism line – the businessman has seized every opportunity to downplay the crypto space. In February of this year, at a Daily Journal Corp’s meeting, he called crypto a “venereal disease,” stating that he never invested in crypto assets and is proud of that choice.
He further stated that he wishes Bitcoin had been banned immediately, revealing his admiration towards China for refusing the asset class. “I just regard it as beneath contempt,” he added.
Two months before that, he noted that he would not want any crypto investors marrying his family. But Munger isn’t the only Berkshire Hathaway staffer with contempt for crypto; as CEO of the multinational conglomerate and Munger’s long-term business partner, Warren Buffett, has also expressed his dislike for crypto, previously calling it ‘rat poison.’