“I certainly didn’t invest in crypto. I’m proud of the fact that I avoided it. It’s like some venereal disease.”
Charles “Charlie” Munger is an American billionaire investor and philanthropist. He graduated from Harvard Law School, and he is the Chairman of the Daily Journal and Vice Chairman of Berkshire Hathaway. He is known as Warren Buffett’s right-hand man.
Charlie Munger’s Other Comments About Crypto During the Q&A Session
Also, he discussed how he supports China’s ban on cryptocurrencies, while the U.S. takes a different stance. He said: “I admire the Chinese for banning it. I think they were right and we were wrong to allow it”.
Additionally, he talked about the U.S. having its own digital currency, and he commented:
“The Federal Reserve could have a currency if they want one…we’ve got a digital currency already, it’s called a bank account. The banks are all integrated with the Federal Reserve system”.
Can Charlie Munger’s Thoughts Affect Crypto?
Over the last 24 hours, the entire crypto market is down 1.89%. Cryptocurrencies like Bitcoin and Ethereum are down 1.76% and 2.04%, respectively.
It’s not the first time Munger talked negatively about crypto. In December of 2021, he called crypto “crazier than dot-com era”, according to the Sydney Morning Herald.
Last year, at the Berkshire Hathaway annual meeting in May 2021, he commented “Of course I hate the Bitcoin success,” and he was along with his partner Warren Buffett. Around that time, Bitcoin was about $57,800 and fell around 50% until July 2021, when it began to recover. It reached an all-time high of almost $69,000 in November 2021.
Let’s not forget what Munger’s partner Warren Buffett said in 2018 about Bitcoin being a “probably rat poison squared,”. Bitcoin was trading around $9,500, then it dropped to $3,250 in December that year, and then three years later in December 2021, it surpassed its previous all-time high of $19,800.
Buffett appears to be changing his mind after all these years as Berkshire Hathaway recently invested $1 billion in a Brazilian bank that offers crypto services.
History shows that after negative comments by Buffett or Munger, a new Bitcoin high is reached at some point in the future. As crypto mainstream adoption continues, let’s see what happens.