The crypto market has seen a good recovery since the beginning of this year. Indeed, so far, bitcoin (BTC) for example has seen an increase of around 40%. At the same time, its big rival, ether (ETH), is up around 35%. Also, in recent years, the crypto sector has shown its usefulness in the daily lives of consumers. Despite everything, he still has fierce detractors who find him useless and dangerous. This was demonstrated by the mythical investor Charlie Munger during his speech during the annual meeting of shareholders of the Daily Journal.
Charlie Munger expresses his aversion to cryptos
Since the collapse of FTX, more and more investors are stepping up to oppose the crypto. Munger is among the last to have been fiercely critical of the new industry lately. The renowned investor said on Wednesday: I’m not proud of my country for allowing these things. Well, I call them crypto-things. It’s worthless, it’s crazy, it’s no good, it’ll only hurt, it’s antisocial to allow it “.
Charlie Munger thinks he is silly to take a pro-crypto stance. He specifically stated: I think people who oppose my position are idiots “. ” I don’t think there is a rational argument against my position “, he added. Munger pointed out : “ It’s not even slightly stupid, it’s extremely stupid, and of course it’s very dangerous “. So, ” the governments were totally wrong to allow it “.
The investor also indicated that cryptos cannot take the place of fiat currencies. Moreover, Munger maintains that traditional currencies have allowed man to spend ” from a successful monkey to a successful human “. In this context, according to him, preferring cryptos to national currencies is like saying that air can be replaced. Additionally, the 99-year-old billionaire is calling for a ban on the new asset class.
In the past, Charlie Munger supported the Chinese government which banned crypto transactions in September 2021. He had said that the Chinese authorities are absolutely right to ban digital assets. He was then criticized by the crypto community. At the same time, in recent years, the investor has referred to crypto as “venereal disease“.
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