Time-honoured investment expert Charlie Munger, vice chairman of influential holding company Berkshire Hathaway and thus the right-hand man of investment guru Warren Buffett, once again doesn't mince words when it comes to cryptocurrencies.
At a shareholder meeting of the Los Angeles-based newspaper company Daily Journal Corporation, the highly respected financial expert even compared cryptocurrencies to venereal diseases.
“I definitely haven't invested in crypto. In fact, I'm glad it passed me by. They're like some kind of venereal disease.”
But that's not all, because in his further remarks on Bitcoin ( BTC ) & Co. Munger announced that he would have liked an immediate ban on the asset class, which is why he praises China for the recently issued crypto ban: "You're right about that totally right, and we're totally wrong.”
Munger and Buffett's harsh crypto criticism is not new, however, as the two influential investors have fired sharply at the burgeoning asset class from the start . Buffett once criticized Bitcoin as an asset that “does not create any real value”. Worse still , he later dubbed the crypto market leader “rat poison squared” because the asset class is little more than “an illusion that attracts swindlers.”
However, Munger's new, snarky criticism doesn't appear to be reflected in Berkshire Hathaway's investment strategy as the big investment firm slowly opens up to cryptocurrencies.
According to official documents submitted to the US Securities and Exchange Commission, the holding company increased its investments in the crypto industry again in the last quarter by purchasing additional shares in Nubank . The Brazilian fintech bank is very popular among Brazilian crypto investors.
" The investment in Nubank can be seen as Buffett's support for the crypto industry, without at the same time invalidating his criticism of it," as Greg Waisman, co-founder and managing director of the wallet service provider Mercuryo, resolves the apparent contradiction.
Nevertheless, the crypto community is resisting Munger's current statements.
The crypto user GmoneyNFT points out the irony that Munger previously criticized fiat currencies in order to break the baton about cryptocurrencies.
The Cryptonator1337, in turn, recalls Munger's old age, which is why the investment expert would find it difficult to access the innovative asset class anyway.
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