Charlie Munger, Warren Buffett’s right-hand man and longtime business partner, threw many insults at crypto in an interview with The Australian Financial Review, published Tuesday. Munger previously called Bitcoin “rat poison” and last year said he hated the success of BTC.
Note that the “crypto craze” is a “mass madness,” he said.
I think anyone selling this is either delusional or evil. I will not touch cryptocurrencies.
Munger was then asked what advice he would give to other investors who might be considering investing in cryptocurrencies. “Totally avoid it is the right policy,” he continued:
“Never touch it. Never buy it. Let it pass.“
Like Buffett, Munger believes that the stocks of cash-generating companies are actually better investments. Stocks are a real concern for businesses. On the contrary “Cryptocurrency is an investment that creates no value at all”.
“I don’t want to buy an item for nothing, even if someone tells me they can’t get more…I just avoid it like avoiding an open sewer, full of poisonous creatures. I advise everyone to follow my example.”
Munger has never been a fan of bitcoin or any other cryptocurrency. In February, he said that the government should ban BTC, calling it a “venereal disease.” In the past, he has praised China many times for banning cryptocurrencies, saying that he wishes cryptocurrencies were never invented. In May last year, he also said Bitcoin is “disgusting and against the interests of civilization.”