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Charlie Munger, the longtime enterprise associate of Warren Buffett, has ripped cryptocurrencies, likening them to a sexually transmitted illness. In a remark that went viral, the veteran investor additionally referred to as for digital currencies to be banned.
“I definitely didn’t put money into crypto. I’m happy with the very fact I’ve prevented it. It’s like a venereal illness or one thing. I simply regard it as beneath contempt,” Munger mentioned at a shareholder’s Q&A session on the annual assembly for LA-based newspaper firm, Day by day Journal Corp, the place he serves as chairman.
The 98-year-old billionaire investor added that he “admire[s] the Chinese language for banning it.”
The information, first reported by Bloomberg, comes months after Berkshire Hathaway purchased $1 billion value of inventory in a digital financial institution that focuses on crypto. The SEC submitting submitted earlier this week confirmed the holding’s crypto investments into Nubank, a digital financial institution primarily based in Brazil.
Final December, Nubank raised $2.6 billion in its New York IPO, valuing the fintech agency at over $40 billion.
Munger and Buffett have been long-standing critics of cryptocurrencies. Buffett has beforehand derided Bitcoin for being an asset that “doesn’t create something,” calling it “rat poison” and saying that crypto is nothing greater than a “delusion that draws charlatans.”
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