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Warren Buffett\u2019s right-hand man and the vice chairman of Berkshire Hathaway, Charlie Munger, says people who oppose banning cryptocurrencies are \u201cidiots,\u201d adding that it\u2019s \u201cjust ridiculous\u201d anybody would buy crypto. He also likened replacing national currencies to replacing air, stating that \u201cIt\u2019s massively stupid.\u201d<\/strong><\/p>\n Berkshire Hathaway Vice Chairman Charlie Munger continued his insults against cryptocurrency and its supporters Wednesday during a live-streamed interview with CNBC at the Daily Journal\u2019s annual shareholders meeting.<\/p>\n Referencing his recent opinion piece in the Wall Street Journal stating that cryptocurrency should be banned<\/a>, the 99-year-old executive insisted there is no \u201crational\u201d argument against his position of banning crypto. He opined:<\/p>\n I think the people that oppose my position are idiots \u2026 It\u2019s just ridiculous that anybody would buy this stuff.<\/p>\n<\/blockquote>\n \u201cYou can think of hardly nothing on Earth that\u2019s done more good to the human race than currency \u2014 national currencies. They were absolutely required to turn man from a goddamn successful ape into modern successful humans and human civilization, because they enabled all these convenient exchanges,\u201d Munger described, elaborating:<\/p>\n So if anybody says I\u2019m going to create something that sort of replaces the national currency, it\u2019s like saying I\u2019m going to replace the national air \u2026 it\u2019s massively stupid.<\/p>\n<\/blockquote>\n \u201cAnd of course, it\u2019s very dangerous, and of course, the governments were totally wrong to permit it, and of course, I\u2019m not proud of my country for allowing this crap,\u201d he stressed. \u201cIt\u2019s worthless, it\u2019s no good, it\u2019s crazy, it\u2019ll do nothing but harm, it\u2019s antisocial to allow it.\u201d<\/p>\n The Berkshire executive continued: \u201cThe guy who made the correct decision on this is the Chinese leader. The Chinese leader took one look at crypto, and he says \u2018not in my China,\u2019 and boom \u2026 there isn\u2019t any crypto in China. He\u2019s right and we\u2019re wrong.\u201d<\/p>\n While he believes that one should be able to state the arguments both for and against a particular subject, the Berkshire vice chair said crypto is an exception. \u201cWhen you\u2019re dealing with something as awful as crypto s*** \u2026 There\u2019s only one correct answer for intelligent people \u2014 just totally avoid it and avoid all the people that are promoting it.\u201d He emphasized:<\/p>\n It\u2019s just unspeakable, it\u2019s an absolute horror, and I\u2019m ashamed of my country that so many people believe in this kind of crap, and the government allows it to exist.<\/p>\n<\/blockquote>\n \u201cIt\u2019s totally, absolutely, crazy, stupid gambling with enormous house odds for the people on the other side, and they cheat \u2026 It\u2019s just crazy,\u201d he concluded.<\/p>\n Munger has slammed cryptocurrency many times in the past. He previously called BTC<\/a> \u201crat poison\u201d and likened crypto trading to \u201ctrading turds.\u201d<\/p>\n The Berkshire executive said in 2021 that he wished crypto had never been invented and praised China<\/a> for banning cryptocurrencies. He also called bitcoin \u201cdisgusting and contrary to the interest of civilization<\/a>.\u201d In February last year, he urged the government to ban bitcoin and called crypto \u201cvenereal disease<\/a>.\u201d In July, he advised everybody to avoid crypto as if it were an \u201copen sewer, full of malicious organisms<\/a>.\u201d<\/p>\nBerkshire Vice Chair Charlie Munger Says Replacing National Currencies Is Like Replacing Air<\/h2>\n
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