Berkshire Hathaway’s Charlie Munger Says Government Should Ban Bitcoin – Warren Buffett’s right-hand man, Berkshire Hathaway Vice Chairman Charlie Munger, demands that cryptocurrency be banned immediately. He claims that allowing cryptocurrencies such as bitcoin was a “major error” by the government. He said, “It’s like a venereal disease.”
In an interview with Yahoo Finance on Wednesday, Charlie Munger, Warren Buffett’s right-hand man and longstanding business partner, discussed bitcoin and cryptocurrency ahead of the Daily Journal’s annual shareholders meeting, where he serves as chairman.
Munger has previously referred to bitcoin as “rat poison” and stated that he despises its popularity. When asked if he is shocked that bitcoin has become even more widespread since then:
“If you stop to think about it,” the Berkshire Hathaway vice chairman responded, “it’s an ideal currency if you want to do extortion, abduction, or create a protection racket or whatever.”
Also Read: Report Attributes Large Share of Global Crypto Crime to Russia, Moscow City
“Why should a civilized government want an ideal untraceable technology to enter a payment system operated by a group of people who want to get rich quick for accomplishing very little for civilization?” he said. Naturally, I despise it.” Munger continued:
I don’t think it’s a good thing that our country is obsessed with bitcoin and other cryptocurrencies. I believe the Chinese Communists were wiser than we were. It was recently outlawed.
He was also asked whether he has any predictions for the future of cryptocurrency in the United States.
He said, “No.” “God only knows what happens when you let a terrible genie out of a bottle.” According to the Berkshire executive,
Allowing it at all was a tremendous error.
Berkshire Hathaway’s Charlie Munger Says Government Should Ban Bitcoin – Munger then went on to discuss cryptocurrency regulation. “The truth is that when our regulatory establishment leaves the government, they go into this strongly promotional capitalism, which makes it really difficult to convince the government to make good, intelligent decisions about something like bitcoin.”
Also Read: Mastercard Adds Crypto Consulting Service in Latest Effort to Boost Cryptocurrency Adoption
“I wish it (crypto) had been prohibited immediately,” Munger said during the Daily Journal meeting. “I commend the Chinese for banning it.” He went on to say:
I didn’t put any money into cryptocurrency. I’m proud of myself for avoiding that. It’s like a sexually transmitted sickness or something. I just think it’s a waste of time.
Munger’s comments about bitcoin and other cryptocurrencies echo his earlier remarks. “I’m never going to buy a cryptocurrency,” he said in December of last year. “I wish they weren’t invented.”
He also recommended other investors not to invest in Bitcoin (BTC). “The entire darn development is terrible and antithetical to the interest of civilization,” he declared in May.
