- Charlie Munger said that cash-generating companies are better investments than crypto.
- He further referred to crypto as evil and said that he wouldn’t touch them anytime.
Veteran investor Charlie Munger, the vice chairman at Berkshire Hathaway, has once again come out lashing at the crypto market. Munger and his friend Warren Buffett have been the harshest critics of crypto. This time too, Munger didn’t hold back his words throwing more insults at digital assets.
On Tuesday, July 12, Charlie Munger spoke in an interview with The Australian Financial Review calling the “crypto craze” a “mass folly”. The 98-year-old billionaire said he would never get his hands on crypto.
I think anybody that sells this stuff is either delusional or evil. I won’t touch the crypto,.
He further added that he’s “not interested in undermining the national currencies of the world”. In the interview, the publication asked Munger what advice he has for people willing to join the crypto space. “Never touch it. Never buy it. Let it pass by,” he added.
Over the last few years, Munger and Buffett had a pretty consistent stand on crypto. Both the veteran investors believe that Bitcoin and crypto don’t produce anything meaningful. Also, both billionaires have greater faith in fiat over crypto.
Over the past several decades, both Munger and Buffett have mastered the art of value investing generating billions of dollars in returns. In a recent interview, Munger said that cash-generating companies are better investments than crypto. “Stocks have a real interest in real businesses,” he stressed.
Commenting further he said:
Crypto is an investment in nothing, and the guy who’s trying to sell you an investment in nothing says, ‘I have a special kind of nothing that’s difficult to make more of’.
Munger compares crypto to open sewer
When it comes to criticizing crypto, Billionaires Munger and Buffett don’t spare any words. Further lashing out at cryptocurrencies, Munger said:
I don’t want to buy a piece of nothing, even if somebody tells me they can’t make more of it … I regard it as almost insane to buy this stuff or to trade in it. I just avoid it as if it were an open sewer, full of malicious organisms. I just totally avoid and recommended everybody else follow my example.
Earlier this year in May, Munger said that Bitcoin will be going to zero. Although Munger’s comments seem quite exaggerated, the recent crypto market downturn has eroded investor confidence to a great extent.
A majority of Wall Street investors believe that Bitcoin will correct another 50 percent from the current levels all the way to $10,000. Similarly, some investors continue to believe that cryptos are worthless with no future.
The recent crypto market correction has eroded investors’ wealth to a great extent.
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