Key Words: Crypto? ‘It’s worthless. It’s no good. It’s crazy. It does nothing but harm and it’s antisocial’, says Charlie Munger

by | Feb 15, 2023 | Stock Market

Charlie Munger, who has called for a ban of cryptocurrencies in the U.S., slammed digital assets again on Wednesday and said anyone who opposes his position on such assets are “idiots.”  “Sometimes I call it crypto crappo, sometimes I call it crypto sh-t. It’s just ridiculous that anybody would buy this stuff,” Munger said at the annual shareholders meeting of the Daily Journal Corporation Wednesday. “I’m not proud of my country for allowing this crap,” Munger added. 

A cryptocurrency is “worthless. It’s no good. It’s crazy. It does nothing but harm and it’s antisocial’, Munger said. Munger is a shareholder and board member of Daily Journal, and stepped down as chairman of the Los Angeles-based newspaper company last year. Munger is best known as vice chairman of Berkshire Hathaway Inc.

often referred to as Warren Buffett’s right-hand man. Munger’s latest comments come as global regulators are increasing their oversight over the crypto industry, following the collapse of several major companies last year that led to billions of dollars in losses for investors.  Bitcoin
rallied over 8% Wednesday to over $24,000, while it’s still 65% lower from its all-time high in 2021, according to CoinDesk data. Earlier this month, Munger said crypto is “not a currency, not a commodity, and not a security,” in an op-ed in The Wall Street Journal. “It’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity,” Munger said.  In his latest comments Wednesday, Munger said that he doesn’t think there are any good arguments against his position on digital assets. “I think people who oppose my positions are idiots,” he said. 

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