Munger’s New Crypto Attack: “It’s Ridiculous for Anyone to Buy Them”

By: News Team

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Munger's New Crypto Attack: "It's Ridiculous for Anyone to Buy Them"

Charlie Munger, Vice President, Berkshire Hathaway (NYSE:BRKa), who called for a ban on cryptocurrencies in the US, has again criticized this industry and has said that anyone who opposes its position on such assets is “idiotic”.

“Sometimes I call it crypto shit. It’s just ridiculous for anyone to buy these things,” Munger said at the Daily Journal Corporation’s annual shareholder meeting on Wednesday. “I’m not proud of my country for allowing this garbage,” Munger added, according to MarketWatch.

Munger made the comment as global regulators are increasing their oversight over the crypto industry, after several major companies collapsed last year, leading to billions of dollars in losses for investors.

Earlier this month, Munger said that cryptocurrencies are “not a currency, nor a commodity, nor a security,” in an op-ed on Wall Street Journal. “It is a betting contract with an advantage of almost 100% for the house, concluded in a country where betting contracts are traditionally regulated only by states that compete laxly,” Munger said.

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