(NewsGlobal.com)- The establishment hates cryptocurrency. That’s why the federal government wants to regulate it, and that’s why Berkshire Hathaway Vice Chairman Charlie Munger just compared the currency to “venereal disease.”
Munger, who has long been a critic of cryptocurrency, told Yahoo! Finance on Wednesday that he doesn’t believe he is wrong about his assessment of cryptocurrency even after it becomes a $2 trillion asset class.
“Are you willing to admit you missed something?” the 98-year-old financial expert was asked.
“Well, I certainly didn’t invest in crypto” he said. “I’m proud of the fact that I’ve avoided it. It’s like, you know, some venereal disease or something. I just regard it as beneath contempt.”
In a Yahoo Finance exclusive, Berkshire Hathaway Chair Charlie Munger says he is "proud" to have not invested crypto.
Munger compares it to "some venereal disease or something, I just regard it as beneath contempt." pic.twitter.com/gKXywDM7o1
— The Recount (@therecount) February 16, 2022
Is it the bitterness of an old generation of financiers and bankers speaking, or does he have a point?
“Some people think it’s modernity and they welcome a currency that’s so useful in extortions and kidnappings and…so on, so on, tax evasion…” he said. “And of course, the envy, everyone has to create his own new currency.”
His criticism is shared by many old-timers in the finance world, including Berkshire Hathaway CEO Warren Buffett, who called it “rat poison, squared” back in 2018.
They might not like it, but the cryptocurrency market is getting bigger by the week.
That’s why the government is cracking down hard on it.