[ad_1]
Warren Buffett’s right-hand-man Charlie Munger has once again bashed Bitcoin and cryptocurrencies, stating that crypto is an “investment in nothing” and that the “crypto craze” is a “mass folly.”
In an interview with The Australian Financial Review published earlier this week, the vice chairman of Berkshire Hathaway stated that he does not want to “buy” or “touch” crypto and wants to “let it pass by.”
“Crypto is an investment in nothing, and the guy who’s trying to sell you an investment in nothing says, ‘I have a special kind of nothing that’s difficult to make more of,'” Munger stated while mocking the fixed supply of blockchain-based tokens, which is a major selling point for investors. “I don’t want to buy a piece of nothing, even if somebody tells me they can’t make more of it.”
“Never touch it. Never buy it. Let it pass by,” he said.
When asked what advice he might have for crypto investors, he added that “total avoidance” is the correct policy. Munger emphasized his belief in fiat currencies and stated that he is “not interested in undermining the national currencies of the world.”
According to the 98-year-old investor, stocks are a much better investment option as they “have a real interest in real businesses.”
Munger further said that buying or trading cryptocurrencies is “insane” and anybody buying or selling “this stuff is either delusional or evil.” The veteran investor went as far as to compare the crypto industry to a sewer.
“I just avoid it as if it were an open sewer, full of malicious organisms. I just totally avoid and recommended everybody else follow my example,” he said.
This is not the first time Munger has criticized crypto. Earlier this year, he said that he was proud that he didn’t invest in cryptocurrencies and likened them to “venereal disease.”
The chairman and CEO of Berkshire Hathaway, Warren Buffett, shares a similar ideology. At the Berkshire Hathaway annual shareholders meeting in April, Buffett stated that he will not purchase Bitcoin even if it was offered to him for $25.
“Now if you told me you own all of the bitcoin in the world and you offered it to me for $25 I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything,” he said at the time.
Charlie Munger, 96, has been Warren Buffett’s longtime partner
Photo: AFP / Johannes EISELE
[ad_2]
Source link
