Charlie Munger, a big shot at Berkshire Hathaway (NYSE:BRK.A,BRK.B) and the right-hand man of Warren Buffett, recently weighed in on crypto.
During a recent Daily Journal meeting, the billionaire was asked if he was willing to admit he missed out on an opportunity by passing on crypto. Instead of doing so, Munger doubled down with harsh words for Bitcoin (BTC-USD) and other cryptos.
Here’s a portion of what Charlie Munger had to say, according to the New York Post.
“I’m proud of the fact that I avoided it. It’s like some venereal disease or something. I just regard it as beneath contempt. Some people think it’s modernity and they welcome a currency that’s useful in extortions and kidnappings and so on and so on, tax evasions.”
Munger didn’t just stop there. He also went on to say that China made the right decision in banning crypto and that he admires them for it. He said the U.S. is making a mistake by not doing the same.
Here’s another quick quote from Charlie Munger concerning his opinions on GameStop (NYSE:GME) and crypto, collected from Business Insider.
“Certainly, the great short squeeze in Gamestop was wretched excess. Certainly, the bitcoin thing is wretched excess. I would argue venture capital is throwing too much money too fast, and there’s a considerable wretched excess in venture capital and other forms of private equity.”
BRK.A and BRK.B are slipping slightly as BTC falls 6.1% over a 24-hour period as of Thursday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
