The ancient vice Chairman of Berkshire Hathaway, Charlie Munger is also known as the right hand of Warren Buffet being a straightforward person who has no regrets in saying that he hates crypto currency. The 98-year-old investing icon at the annual meeting for Los Angeles-based newspaper company Daily Journal Corporation while speaking at a question and answer session of the shareholder, correlated cryptocurrency to a sexually transmitted disease named venereal.
“I certainly didn’t invest in crypto. I’m proud of the fact that I avoided it. It’s like some venereal disease.”
Munger picks up the threads to show his distaste for Bitcoin and other cryptocurrencies by saying that “I wish it had been banned immediately…I admire the Chinese for banning it. I think they were right and we were wrong to allow it.”
Both Munger and Buffet left no words to criticize and understate Cryptocurrency. Previously, Buffet has mocked Bitcoin for being such a sluggish asset that it “does not create anything”, he said that Bitcoin is a “rat poison” and said that it is nothing more than a “delusion that attracts charlatans.”
Berkshire Hathaway’s new investment theory does not show a single thought of Munger’s imaginative depiction of cryptocurrency. In fact, Berkshire Hathaway’s acknowledgment of the cryptocurrency is quite good.
On Monday during the security filing, Berkshire Hathaway has revealed that it had purchased Brazil’s largest Fintech Bank, Nubank stock for $1 billion to increase its exposure towards cryptocurrency. Many crypto investors of Brazil are being attracted by this fintech bank.
As declared by the Co-founder and chief operating officer of crypto wallet service Mercuryo “The Nubank investment can be tagged as Buffet’s way of supporting teh fintech/crypto world without taking back his criticism of the past,”
He also added that Berkshire is now handling the “digital currency ecosystem indirectly.”
Warren Buffet doesn’t need any cryptocurrency
Crypto Twitter instantly responds to Munger’s digital assets-related hate comments.
In the recent comments of Munger on digital assets, GmoneyNFT caught the irony as his 225,000 followers got confused after reading his hypocritic comments. At first, he said that “Fiat Currency is going to zero” with time and on the other side he is writing the comment that “crypto is like a venereal disease. I’m proud of the fact that I’ve avoided it.”
Whereas another post by Cryptonator1337 put the focus on Munger’s age. He stated to his followers that for consulting about new Technology, Munger could not be the best one.