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Charlie Munger, who has called for a ban on cryptocurrencies in the U.S., slammed digital assets again Wednesday and had a single choice word for those who oppose his position on the asset category:
“Sometimes I call it crypto crappo, sometimes I call it crypto sh—. It’s just ridiculous that anybody would buy this stuff,” Munger said at the annual shareholder meeting of Daily Journal Corp. on Wednesday. “I’m not proud of my country for allowing this crap,” Munger added.
A cryptocurrency is “worthless,” he said, adding: “It’s no good. It’s crazy. It does nothing but harm, and it’s antisocial.”
Munger is a shareholder and board member of Daily Journal, and stepped down as chairman of the Los Angeles–based newspaper company last year. Munger is, of course, best known as vice chairman of Berkshire Hathaway Inc.
BRK.A,
BRK.B,
where he is often regarded as Warren Buffett’s righthand man.
Munger’s latest comments come as global regulators are increasing their oversight over the crypto category, following the collapse of several major companies last year that led to billions of dollars in losses for investors.
Bitcoin
BTCUSD,
rallied more than 8% on Wednesday to $24,000-plus, though that’s still 65% lower than the all-time high of 2021, according to CoinDesk data.
Earlier this month, Munger wrote that crypto is “not a currency, not a commodity, and not a security,” in an op-ed in the Wall Street Journal. “It’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity.”
In his latest comments, Munger said he doesn’t think there are any good arguments against his position on digital assets. “I think people who oppose my positions are idiots,” he said.
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