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Berkshire Hathaway’s Charlie Munger Says Government Should Ban Bitcoin — Calls Crypto ‘Venereal Disease’

News Feed - 2022-02-18 10:02:49

Berkshire Hathaway"s Charlie Munger Says Government Should Ban Bitcoin — Calls Crypto "Venereal Disease"


Berkshire Hathaway Vice Chairman Charlie Munger, Warren Buffett’s right-hand man, wishes crypto would be banned immediately. He says the government made “a huge mistake” to allow cryptocurrencies, like bitcoin. “It’s like a venereal disease,” he opined. Charlie Munger Says ‘It Was a Huge Mistake’ to Allow Crypto at All


Charlie Munger, Warren Buffett’s right-hand man and longtime business partner, talked about bitcoin and cryptocurrency Wednesday in an interview with Yahoo Finance ahead of the annual shareholders meeting at the Daily Journal, where he serves as chairman.


Munger previously called bitcoin “rat poison” and said last year that he hated the success of the cryptocurrency. He was asked if he is surprised that bitcoin has gotten even more mainstream since then.


The Berkshire Hathaway vice chairman replied: “If you stop to think about it, it’s an ideal currency if you want to commit extortion, or kidnapping, or have a protection racket or something.”


He added: “Why should a civilized government want an ideal untraceable technology to come into the payment system run by a bunch of people who want to get rich quick for doing very little for civilization. Of course, I hate it.” Munger elaborated: I don’t think it’s good that our country is going crazy over bitcoin and its ilk. I think the Communist Chinese were wiser than we were. They just banned it.


He was also asked if he had any predictions on what’s going to happen with crypto in the U.S.


“No,” he replied. “You let a bad genie out of a bottle, God knows what happens.” The Berkshire executive opined: It was a huge mistake to allow it at all.


Munger proceeded to comment on crypto regulation. “The truth of the matter is our regulatory establishment when they quit the government, they go out into this heavily promotional capitalism and so it’s very hard to get the government to make good, wise decisions about something like bitcoin.”


At the Daily Journal meeting, Munger reiterated: “I wish it [crypto] had been banned immediately, and I admire the Chinese for banning it.” He continued: I certainly didn’t invest in crypto. I’m proud of the fact I’ve avoided it. It’s like a venereal disease or something. I just regard it as beneath contempt.


Munger’s statements echo his previous comments about bitcoin and other cryptocurrencies. He said in December last year: “I’m never going to buy a cryptocurrency. I wish they’d never been invented.”


He also advised other investors to never buy BTC. In May, he said: “The whole damn development is disgusting and contrary to the interest of civilization.” Tags in this story Charlie Munger bitcoin, Charlie Munger crypto, Charlie Munger cryptocurrency, Warren Buffett, warren buffett bitcoin, warren buffett crypto


What do you think about Charlie Munger’s comments about bitcoin and crypto? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Canadian Police Freeze Crypto Wallets Tied to Freedom Convoy Protests — Vow to Take Back Ottawa in Entirety FEATURED | 15 hours ago PBOC Reveals Central Bank Digital Currency Usage at Beijing Winter Olympics — 2 Million Digital Yuan per Day FEATURED | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleUS State Wants to Lead in Crypto Acceptance — Colorado to Accept Crypto for Tax Payments This Summer Next articleUS Lawmakers Introduce Bill to Mitigate Risks From El Salvador Adopting Bitcoin as Legal Tender Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFarmville Creator Zynga to Launch NFT Games, Says Gaming Firm"s Blockchain Lead


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