Charlie Munger, a board member and shareholder of Daily Journal Corporation and vice chairman of Berkshire Hathaway Inc., has once again slammed cryptocurrencies, calling them “crypto crappo” and “crypto sh-t.” At the annual shareholders meeting of Daily Journal Corporation on Wednesday, Munger said that he was “not proud of my country for allowing this crap” and that anyone who opposes his position on digital assets are “idiots.”
Munger has been a vocal critic of cryptocurrencies and has previously called for a ban of such assets in the United States. He reiterated his position that cryptocurrencies are “worthless,” “do nothing but harm,” and are “antisocial.” He also referred to them as a “gambling contract with a nearly 100% edge for the house.”
His latest comments come amid increasing global regulatory oversight over the crypto industry following the collapse of several major companies last year that led to billions of dollars in losses for investors. Munger’s criticism of cryptocurrencies has been echoed by other prominent figures, including Warren Buffett, CEO of Berkshire Hathaway.
Despite Munger’s negative views, Bitcoin, the world’s largest cryptocurrency, rallied over 8% on Wednesday to over $24,000, according to CoinDesk data. However, it is still 65% lower from its all-time high in 2021.
Munger’s remarks highlight the ongoing debate around the value and legitimacy of cryptocurrencies. Proponents argue that they offer an alternative to traditional financial systems and provide opportunities for investment and innovation. However, critics like Munger argue that they are speculative, volatile, and lack intrinsic value.
The increased regulatory scrutiny of the crypto industry is aimed at addressing some of the risks associated with digital assets, including fraud, money laundering, and market manipulation. In the United States, the Securities and Exchange Commission (SEC) has been ramping up its enforcement efforts, targeting companies that violate securities laws in the issuance and trading of digital assets.
As the crypto industry continues to evolve, the debate around its role in the global financial system is likely to persist. While Munger and other critics remain skeptical of cryptocurrencies, their growing popularity and adoption suggest that they are here to stay, at least in some form.
In conclusion, Munger’s latest comments on cryptocurrencies have reignited the debate around the legitimacy and value of digital assets. As global regulators increase their oversight of the crypto industry, the future of cryptocurrencies remains uncertain. However, their growing popularity and adoption suggest that they will continue to be a major player in the global financial system.
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