Charlie Munger calls crypto ‘sh-t’: ‘I’m not proud of my country for allowing this shit’

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Charlie Munger, who has called for a ban on cryptocurrencies in the United States, criticized digital assets again on Wednesday and said that anyone who opposes his stance on such assets are “idiots”.

“Sometimes I call it crypto crappo, sometimes I call it crypto sh-t. It’s just ridiculous that anybody’s buying this stuff,” Munger said at the Daily Journal Corporation’s annual shareholder meeting on Wednesday. “I’m not proud of my country for allowing this shit,” Munger added.

A cryptocurrency is “worthless”. It’s not good. It’s crazy. It only hurts and it’s antisocial,” Munger said.

Munger is a shareholder and board member of the Daily Journal and last year resigned as chairman of the Los Angeles-based news company. Munger is best known as Vice Chairman of Berkshire Hathaway Inc. BRK.A, -0.73% BRK.B, -0.37%, often referred to as Warren Buffett’s right-hand man.

Munger’s latest comments come as global regulators step up their oversight of the crypto industry, following the collapse of several major companies last year that resulted in billions of dollars in losses for investors.

Bitcoin BTCUSD, +2.25%, rose more than 8% on Wednesday to over $24,000, while still 65% below its 2021 all-time high, according to data from CoinDesk.

Earlier this month, Munger said crypto is “not a currency, not a commodity, and not a security,” in an op-ed for The Wall Street Journal. “It’s a gambling contract with a nearly 100% house edge, made in a country where gambling contracts have traditionally been regulated only by states that compete for laxity,” Munger said.

In his final comments on Wednesday, Munger said he doesn’t think there are good arguments against his stance on digital assets. “I think people who oppose my positions are idiots,” he said.

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