Investor Charlie Munger Wants U.S. To Ban Crypto

Legendary investor Charlie Munger pulled no punches when it came to offering his latest anti-cryptocurrency views, Alexandra Semenova reported for Yahoo Finance.

Photo Insert: Munger said claims cryptocurrencies can replace national currencies are the equivalent of saying that air can be replaced.

In Munger's view, traditional currencies have helped turn man "from a successful ape to a successful human," he said during the Daily Journal’s shareholder meeting in Los Angeles.

Munger said claims cryptocurrencies can replace national currencies are the equivalent of saying that air can be replaced.

"It isn't even slightly stupid, it's massively stupid, and of course it's very dangerous, and of course the governments were totally wrong to permit it," Munger told CNBC's Becky Quick during a livestream of the event.

"And of course, I am not proud of my country for allowing this crap — well, I call it crypto shit. It's worthless, it's crazy, it's not good, it'll do nothing but harm, it's antisocial to allow it."

"I think the people that oppose my position are idiots," the 99-year-old Munger said when asked about his recent op-ed in the Wall Street Journal calling for a ban on the asset class.

"And so I don’t think there is a rational argument against my position." Munger, who has drawn criticism for praising the Chinese government in the past, said the nation's leaders were right not to allow cryptocurrencies. The People's Bank of China banned all cryptocurrency transactions in September 2021.

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