Warren Buffett’s right-hand man and Berkshire Hathaway vice chairman Charlie Munger said he dislikes cryptocurrencies.
“I certainly didn’t invest in cryptocurrencies. I’m proud to have avoided it. They’re like some kind of venereal disease,” Munger said.
Manger went on to criticize cryptocurrencies and added that they are only used by criminals and terrorists.
“I wish they had been banned immediately…I admire the Chinese for banning cryptocurrency. I believe they were right and we were wrong to allow it.”
In turn, Ilon Musk responded to Munger’s criticism.
“I was at a lunch with Munger in 2009 where he told everyone all the reasons why Tesla would fail. It made me very sad, but I told him that I agreed with all those arguments and that we would probably die, but it was worth trying anyway,” Musk reported.
It was recently revealed that Berkshire Hathaway has invested $1 billion in cryptocurrency-friendly bank Nubank.