Charlie Munger strongly criticized cryptocurrencies during an interview with John Collison, Stripe’s cofounder, on the “Invest Like The Best” podcast, marking one of his final discussions before his passing at 99 last week. Munger, known for his role alongside Warren Buffett at Berkshire Hathaway, derided digital currencies like bitcoin as worthless and wished for their prohibition. He preferred gold over cryptocurrencies but emphasized a preference for investing in productive assets like businesses.
In Munger’s view, investing in something intangible like cryptocurrency held no value, and he vehemently expressed his disdain for it, labeling the technology as a facilitator for criminal activities such as drug dealing, scams, extortion, and kidnapping due to its anonymous nature. He criticized Sequoia Capital for its investment in Robinhood, particularly for embracing crypto.
His disdain for crypto was not new, previously likening it to “rat poison,” a “venereal disease,” and an “absolute horror.” Despite Bitcoin’s substantial drop in 2022, its recent surge has seen it surpass $44,000, marking a significant recovery.
