- Charles Munger slammed cryptocurrencies as worthless, warning investors against them.
- Warren Buffett’s business partner called crypto an “open sewer” and sellers “delusional or evil.”
- Munger also refrained from commenting on inflation and the stock market crash, and instead touted fossil fuels’ long life.
American businessman Charlie Munger launched a bitter attack on cryptocurrencies in a recent interview. He called virtual currencies “worthless” and urged people to avoid them at all costs, likening the crypto industry to a filthy cesspool.
“Crypto is an investment in nothing,” Munger told the Australian Financial Review. “I regard it as almost insane to buy this stuff or to trade in it.”
Berkshire Hathaway’s vice president stressed that just because something is scarce, it’s not a compelling reason to own it. Stocks, which represent pieces of real businesses and claim to their profits, are a better investment, he said.
Munger al ...