Charlie Munger’s dismay at Bitcoin continues unabated. The billionaire told investors recently to “never touch” it. Never buy it. Charlie Munger is back at it. The 98-year old billionaire laughed at cryptocurrency and said that he would never touch them in his entire life.
“I believe that anyone selling this stuff is either delusional, or evil.” Munger stated that he won’t touch crypto in an interview with the Australian Financial Review. He also said that he isn’t interested in destabilizing the currencies around the world.
Munger is vice president of Berkshire Hathaway. He also serves as the right-hand man to Warren Buffett, the legendary investor and chairman of the Nebraska-based multinational conglomerate.
Berkshire Hathaway, which is well-known for its substantial holdings in publicly traded corporations such as Coca-Cola and Bank of America, American Express and Apple, is currently valued at more than $600 billion. This makes it the 7th largest global corporation.
Munger elaborated on crypto further, stating that “total avoidance” is the best approach to this “mass folly”.
It should never be touched. It is not worth the money. It will pass,” stated Munger.
He also suggested that it would be a better investment to buy shares in companies with “real interest” in real businesses.
“Crypto means an investment in nothing. The guy trying to sell you an opportunity to invest in nothing says, “I have a special type of nothing that’s hard to make more of,” Munger said, while comparing the new asset to an “open sewer full if malicious organisms.”
Munger is not the only one to weigh in on crypto debate.
In the past, he was called Bitcoin a illusion and “rat poison quadrupled.”
He said earlier this year that he was proud that he had never invested in cryptocurrency, comparing them with “venereal diseases”. “
Buffet stated that he would not pay $25 for all Bitcoins in the world because he would have to later sell it back “one or another” at one point.
