Charles Munger criticises US authorities for not banning cryptocurrencies

Berkshire Hathaway vice-chair Charles Munger, at the Daily Journal annual meeting, called ‘idiots’ all those who disagree with his stance on the need to ban cryptocurrencies. This is reported by MarketWatch.

“I am not proud of my country for allowing this stuff. […] It’s simply funny that anyone buys this [digital assets],” he said.

Munger also noted the ‘uselessness’ of cryptocurrencies.

“That is not good. It’s crazy. It only harms. And it is antisocial,” he added.

Earlier, the Berkshire Hathaway vice-chair urged the US authorities to follow China’s example and ban digital assets. In his view, they cannot be classified as currencies, commodities, or securities.

In 2021, Munger compared Tesla and Bitcoin to ‘lice and fleas’, and questioned the ability of digital gold to ‘become a global means of payment’.

In 2022, Charles Munger called cryptocurrencies an ‘investment in nothing’ and compared them to “a venereal disease”.