Charlie Munger, the 98-year-old veteran investor and the vice chairman of Berkshire Hathaway, a conglomerate controlled by Warren Buffett, gave an interview to the Australian Financial Review wherein he was asked about his investment options. In the report, the billionaire stated that he prefers to stay away from crypto investment and won’t invest in it under any circumstance.
Munger believes that the “crypto craze” is a “mass folly” and emphasized the fact that he prefers to invest in other meaningful products like stocks that represent a piece of business existing in the real world.
“I think anybody that sells this stuff is either delusional or evil. I won’t touch the crypto. I’m not interested in undermining the national currencies of the world,” Munger said while reaffirming his faith in fiat currencies and the traditional financial system.
“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,’” said Munger.
“Insane to buy this stuff or to trade in it”: Munger
From an investor’s perspective, Munger stated that crypto investment is an “insane” move and called people selling “this stuff” as “delusional” and “evil.”
“I just avoid it as if it were an open sewer, full of malicious organisms. I just totally avoid and recommended everybody else follow my example,” stated the billionaire while comparing crypto to a sewer.
Finally, the veteran investor ridiculed the scarcity concept that crypto projects promote, adding that he will never “buy a piece of nothing, even if somebody tells me they can’t make more of it.”
Earlier this year, the billionaire compared crypto to a “venereal disease,” applauding China for banning the entire industry and suggesting that the US should follow suit with a similar move.
“I was at a lunch with Munger in 2009 where he told the whole table all the ways Tesla would fail. Made me quite sad, but I told him I agreed with all those reasons & that we would probably die, but it was worth trying anyway,” tweeted Elon Musk at that time.