Charlie Munger Once Again Bashes Crypto, Wants To ‘Let It Pass By’
- Charlie Munger has once again stated that he wants no part in crypto
- He believes that the “crypto craze” is a “mass folly”
Legendary investor and Warren Buffett’s right-hand-man Charlie Munger, who is known for being one of the biggest crypto critics, is back with some harsh statements about the industry.
During an interview with The Australian Financial Review, the vice chairman of Berkshire Hathaway suggested investors look beyond the inflation spike and focus on fossil fuels and renewable energy. According to him, one should “never touch” cryptocurrencies. He looked adamant about his beliefs on crypto and warned people that the “crypto craze” is a “mass folly.”
Munger went on to call cryptocurrency founders and companies “either delusional or evil” and claimed that he would never touch crypto. However, his statement, “I’m not interested in undermining the national currencies of the world” clearly indicates that he knows the potential of the crypto sector. He stated that he would “never touch it” or buy it and would “let it pass by.”
Moreover, 98-year-old Munger didn’t seem tired after such comments and said that he avoids crypto as if it were “an open sewer, full of malicious organisms.” He slammed the scarcity feature of cryptocurrencies like Bitcoin and stated:
“Crypto is an investment in nothing, and the guy who’s trying to sell you an investment in nothing says, ‘I have a special kind of nothing that’s difficult to make more of,’”
added Munger.
Previously, in February 2022, Munger said that the primary purposes of cryptocurrencies are extortion, kidnappings, and tax evasion. He even praised the Chinese government for their crypto crackdown by stating:
“I wish it had been banned immediately. I admire the Chinese for banning it. I think they were right, and we were wrong to allow it.”
Munger: Look beyond the global inflation spike
Munger’s approach to investing is to focus on high-quality businesses for long-term ownership rather than just short-term economic changes. He said that he does not pay much attention to macroeconomic trends by stating:
“Like the weather, I just ignore the weather. I just try to invest whatever capital I have as best I can and take the results as they fall. I just seize whatever opportunities I can and I hope I get my share,”
said Munger.
The 98-year-old seemed less concerned about global inflation and the aggressive rise in central bank interest rates. He stated that inflation is always with us in “an episodic way.”
“I’m always aware of it, but it doesn’t stop me from operating.” I’m 98½ years old, and I’ve seen a lot of inflation. I intend to live through inflation. I’ve lived through a lot of it already in my long life. It doesn’t discourage,”
Munger said.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
