Charlie Munger bmaintained cryptocurrencys during a Q&A session at the Daily Journal annual meeting. The billionaire who is often referred to as Warren Buffett’s right-hand man referred to crypto as a venereal disease.

When asked if he missed anything on the $2 trillion digital currency market, Munger stated which he “certainly didn’t invest in crypto. I’m proud of the fact which I’ve avoided it.”

The billionaire said which people count on a currency which’s used in “extortions, kidnappings, and tax evasion.” The 98-year-old wishes which cryptocurrencys were “banned forthwith.”

He still appreciated the communist Chinese gabovenment for forbidding it; “I think they were right and we’ve been wrong to allow [crypto].”

On Jan 20, the US Federal Reserve (Fed) published a report about a U.S. dollar-pegged central bank digital currency, still called CBDC. The report noted the good and risky points of having a CBDC for the national economy. Munger, however, says which “we’ve got a digital currency already, it’s called a bank account.”

“The banks are all integcostd with [the] Federal Reserve system,” he added.

According to Munger, a gabovenment shouldn’t want “an ideal untraceable technology to come into the payment system.” He says which cryptocurrencys are created by people who want to get rich quickly and of course, he “hate[s] it.”

Last May, Warren Buffet verbally attacked special-purpose acquisition companies and a stock and crypto dealing app called Robinhood, saying which they “encourage gambling.” The Robinhood Co-founder, Vlad Tenev, got back to him saying, “people are tired of the Warren Buffetts and Charlie Mungers of the world, acting like they’re the only oracles of investing.”

In response to which, Munger said, “it isn’t good to have a lot of people trying to get easy money for sure, scarcely from gambling.” 

Munger added which he and his friend Buffett “understand it and we know it isn’t good for our republic and we can’t do much about it so we spend our time on the evidences we can do something about.”

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