Warren Buffett's business partner rips into 'cryptocrappo' - and says he's ashamed of America for embracing bitcoin and its kin
Munger is a Daily Journal director, and
the newspaper publisher and legal-software seller's investment portfolio. He dismissed the possibility that he might be wrong about the likes of bitcoin, ether, and dogecoin.Munger, who counts Costco and Tesla-rival BYD among his proudest investments, certainly didn't shy away from laying into crypto.
"It's not even slightly stupid, it's massively stupid," he said."It's worthless, it's no good, it's crazy, it'll do nothing but harm, and it's antisocial to allow it." "It's just unspeakable, it's an absolute horror, and I'm ashamed of my country that so many people believe in this kind of crap and that the government allows it to exist," he continued."It is totally, absolutely, crazy-stupid gambling with enormous house odds for the people on the other side."
Unsurprisingly, Munger advised completely avoiding crypto and the people promoting it. He also underlined the critical role that fiat currencies have played in the development of modern human civilization. He ridiculed the idea of ditching national currencies with crypto, arguing it was as futile as trying to replace countries' air.
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