Charlie Munger Called Out by CNBC Anchor
- The right hand man of Warren Buffett, Charlie Munger, has been called out by CNBC anchor Joe Kernen for his anti-Bitcoin statements.
- The billionaire believes that the US should ban crypto entirely just like China and gave them a new name: “crypto shit.”
- Crypto coins are not securities or commodities but are actually just “gambling contracts,” Munger added.
- Kernen lashed out at the billionaire stating that his views are completely “pedestrian” adding that he lacked the knowledge to understand crypto.
Billionaire investor and the right hand man of Warren Buffett, the person who controls the Berkshire Hathaway conglomerate, Charlie Munger has been called out by CNBC anchor Joe Kernen for his push against Bitcoin (BTC), the world’s biggest cryptocurrency. Interestingly, the vice chairman of Berkshire has made several remarks against BTC and stated that it is not fit to be a global currency.
Kernen responded to several statements made by Charlie Munger over the past few months against Bitcoin and cryptocurrencies. The CNBC anchor said that the billionaire lacks the knowledge about blockchain and crypto assets, adding that his assessment of Bitcoin is “pedestrian.”
Appearing on CNBC’s Squawk Box this week, Charlie Munger stated that cryptocurrencies and Bitcoin are completely useless. During his appearance, he was asked to comment on the reaction of the crypto community following his anti-Bitcoin speeches. After a brief pause, the billionaire said:
“I don’t think there are good arguments against my position,” he said. “I think the people that oppose my position are idiots.”
Recently, Charlie Munger stated that he believes that the US should ban cryptocurrencies entirely just like China did, while adding that crypto coins are not securities or commodities but are actually just “gambling contracts.” However, these remarks were not well received by the crypto community, which stated that the billionaire lacked the knowledge to understand crypto and blockchain.
Earlier this week, the Berkshire Hathaway executive gave a new name to the asset class: “crypto shit.”
“Sometimes I call it crypto crappo, and sometimes I call it crypto shit,” he continued. “It’s just ridiculous that anybody would buy this stuff.”
Charlie Munger went on to claim that the presence of crypto coins has created an “open sewer” for evil actors and added that their existence is “undermining the national currencies of the world.”
He stated that the idea of replacing fiat with anything is “asinine.” Munger believes that there is “hardly anything on earth that has done more good to the human race than national currencies.”
Interestingly, the CNBC anchor lashed out at the billionaire, stating that his views are completely “pedestrian” and are the words of someone who is speaking what he has heard from others.
“I don’t think he’s read the first page of the Bitcoin Standard, or whatever book you want to go to,” Kernen said.
The Bitcoin Standard, a book written by Saifedean Ammous, examines the historical development of currency worldwide, arguing that Bitcoin will eventually emerge as the world’s currency of choice.
As reported earlier by Bitnation, Charlie Munger wishes that crypto was never invented and believes that the “crypto craze” is a “mass folly.” He said that the primary purposes of cryptocurrencies are extortion, kidnappings, and tax evasion.
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.
