Charlie Munger again slams cryptocurrencies: Praised China's crypto ban
Charlie Munger, an American billionaire investor, businessman, and former real estate attorney who is also the vice-chairman of Warren Buffett's Berkshire Hathaway has once again thrashed cryptocurrencies in an annual address on Wednesday, reported Forbes. He is also known for making bold comments, recently wishing that cryptocurrencies would've never been invested.
Munger avoids cryptocurrencies
Munger stated that he is very happy that he has avoided investing in these blockchain-based assets for so long. He also compared these blockchain-based assets to "some venereal disease." The 98-year old veteran talked about cryptocurrencies at the annual meeting of Daily Journal Corp.It is also important to note that Munger stated that "the safe assumption" for investors in these assets is that in a couple of hundred years, Bitcoin "is going to zero." He also said that "we've already got a digital currency, that's called a bank account," focusing on the fact that cryptocurrencies are only appreciated because of their use in extortion, kidnapping, and tax evasion.
China did the right thing?
Munger said that he "admire[s] the Chinese" for putting a ban on cryptocurrencies and that they took the right step in to ban these digital currencies. He went as far as to say that if he had the power, he would've put heavy taxes on short-term gains from crypto investments that would discourage people from getting into the market. Recently, Munger delivered a similar speech to Dr. Nelson at the Sohn Hearts and Minds, Australia's premier investor event, as reported by Cryptonary.100% Success Money Back Guarantee
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