Long-time crypto critic, investor Charlie Munger stated his opinion about cryptocurrencies. He also criticized the federal reserve policy and the high inflation rate.
Related: Charlie Munger Applauds China’s Bitcoin Ban
According to Munger, fiat currencies will hit zero in the next 100 years. The businessman even said that inflation is the most dangerous issue that the USA faces apart from nuclear war.
In the Daily Journal meeting Charlie Munger called BTC and other cryptocurrencies beneath contempt, saying they are used by criminals and for tax evasion. Munger noted that he is proud of the fact that he had never invested in crypto, saying it's like a venereal disease.
He said that he admires China for banning crypto, and finds that the USA should make a similar decision. According to him, lots of people view crypto as gampling, and if it was up to him, he would also tax small interests, to discourage this behavior.
The investor said he doesn’t see a reason why the US government would allow untraceable currency. He said the crypto industry is run by people that want to get rich doing very little for civilization.
Talking about digital currency. Munger said its purpose is uncertain as there is already a digital form of payments through bank accounts.