Charlie Munger, a longtime business partner of Warren Buffett and associate director of Berkshire Hathaway who has been a Bitcoin opponent in the past, has a message for those considering investing in cryptocurrencies. – “Never touch it”. He emphasized that the general public should follow his example and shun cryptocurrencies like him.
In the past, Munger likened cryptocurrencies to venereal diseases, saying that cryptocurrencies should have been banned long ago, and bluntly stated that he hated the success of Bitcoin. In an interview with the Australian Financial Review recently, he criticized cryptocurrencies again, pointing out that The ‘crypto craze’ is a ‘massive stupidity’:
I think anyone selling this stuff is either delusional or evil. I don’t touch cryptocurrencies. I’m not interested in things that destroy the currencies of the world.
Munger was then asked for advice to investors who are considering investing in cryptocurrencies, and he replied that “the right thing to do is avoid it entirely,” adding:
Never touch it. Never buy it. Just let it go away.
Munger, like Buffett, advocates value investing, and believes that stocks of companies with strong money-absorbing power are better investment targets. In contrast, “cryptocurrency is a valueless investment.”
Munger emphasized, “I don’t want to buy things that have no value, I think, it’s almost crazy to buy these things and then trade them.” He elaborated:
I just want to avoid it, like it’s an open-lid sewer full of pests crawling in it. I’ve avoided it entirely and recommend that others follow me and follow my example.