Charlie Munger, the go-to person of billionaire stock market mogul Warren Buffet insulted crypto in an interview. The interview which was published on Tuesday revealed that Munger called the “crypto craze” a “mass folly.”
The Berkshire Hathaway executive claimed that he wasn’t interested in undermining “the national currencies of the world.” When he was asked to advise people who wanted to invest in crypto, he recommended them to totally avoid it and asked them to “ Never touch it. Never buy it. Let it pass by.”
“I think anybody that sells this stuff is either delusional or evil. I won’t touch the crypto.” Just like his Berkshire colleague, Charlie Munger believes that stocks of cash-generating companies have a real interest in a business.
However he describes Crypto as “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 further said that he doesn’t want to “buy a piece of nothing” related to crypto and if someone tells him to “make more of it,” he would regard it “as almost insane” to go ahead and buy it.
“I just avoid it as if it were an open sewer, full of malicious organisms. I just totally avoid and recommend everybody else follow my example.”
Back in May, Munger said that he tries and avoid things that are “stupid and evil.” He even claimed that the entire crypto market would go down to an absolute zero.
Munger has never loved bitcoin or other cryptocurrencies. In February, he said that the public authority should ban BTC, labelling it a “venereal disease.” He has applauded China a few times in the past for banning crypto, expressing that he wished cryptocurrency has never been invented.