{"id":14714,"date":"2022-02-18T13:13:06","date_gmt":"2022-02-18T13:13:06","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/18\/berkshire-hathaway-vice-chairman-calls-crypto-venereal-disease-says-it-should-be-banned\/"},"modified":"2022-02-18T13:13:06","modified_gmt":"2022-02-18T13:13:06","slug":"berkshire-hathaway-vice-chairman-calls-crypto-venereal-disease-says-it-should-be-banned","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/18\/berkshire-hathaway-vice-chairman-calls-crypto-venereal-disease-says-it-should-be-banned\/","title":{"rendered":"Berkshire Hathaway vice chairman calls crypto “venereal disease,” says it should be banned"},"content":{"rendered":"

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A hot potato:<\/strong> Most people are in one of three camps when it comes to cryptocurrency: love it, dislike it, or indifferent to the whole concept of digital currency. Billionaire investor and Berkshire Hathaway vice chairman Charlie Munger appears to have a category all of his own\u2014he despises it with a passion. <\/p>\n

Speaking during a shareholder meeting for Los Angeles-based newspaper chain Daily Journal Corp., Munger said crypto was only useful for extortion, kidnappings, and tax evasion, calling it \u201cbeyond contempt.\u201d<\/p>\n

In case anyone was still unsure about how he feels, Munger added that he wished crypto had been banned immediately and praised China for banning it. \u201cI certainly didn\u2019t invest in crypto. I\u2019m proud of the fact that I avoided it. It\u2019s like some venereal disease,\u201d Munger added.<\/p>\n

Munger has made his feelings on crypto known in the past. \u201cI hate the bitcoin success,\u201d he said last year. \u201cI think the whole damn development is disgusting and contrary to the interests of civilization.\u201d<\/p>\n

Despite his apparent loathing, Munger said he was not completely opposed to the US Federal Reserve launching its own digital currency. \u201cThe Federal Reserve could have a currency if they want one [\u2026] we\u2019ve got a digital currency already, it\u2019s called a bank account. The banks are all integrated with the Federal Reserve system.\u201d<\/p>\n

Munger also spoke about the GameStop stock craze<\/a> in 2021. \u201cThe great short squeeze in GameStop was wretched excess, certainly the bitcoin thing was wretched excess,” he said. Munger added that he would put a tax on short-term gains made in the stock market, thereby discouraging similar \u201cspeculation\u201d and reducing market liquidity.<\/p>\n

It\u2019s often been said that the older generations of millionaires and billionaires, such as Bill Gates<\/a>, are less willing to embrace crypto than their younger counterparts. Perhaps illustrating this claim is the fact that 98-year-old Munger was born in the same year Lenin died and the Ottoman Empire ended, and his 91-year-old boss Warren Buffet once called Bitcoin \u201crat poison squared.\u201d<\/p>\n

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When Munger was born in 1924…<\/p>\n

.. Lenin died
.. the Ottoman Empire ended
.. Disney created the first cartoon
.. IBM was founded in New York State
.. the US president delivered a radio broadcast the first time<\/p>\n

But sure let’s listen to him talking about #Bitcoin<\/a><\/p>\n

\u2014 CR1337 (@cryptonator1337) February 16, 2022<\/a><\/p><\/blockquote>\n

For all that the pair seem to hate crypto, it hasn\u2019t stopped Berkshire Hathaway from buying $1 billion worth of shares in Nubank, Brazil\u2019s largest fintech bank, which is popular among crypto investors within the South American nation, reports Cointelegraph<\/a>.<\/p>\n

Image credit: Rodnae Productions<\/a><\/p>\n<\/p><\/div>\n